Soceram privatisation challenged

The consortium comprising Simcor Oradea and Celco Constanta is accusing the State Assets Resolution Authority (AVAS) of having caused the Romanian State losses of at least 3.4 million euros by selling the constructions supplies producer Soceram for less than its market value. They also allege AVAS favoured a contender “backed by people in very high places,” Mediafax reports. Simcor Oradea and Celco Constanta submitted a 6 million-euro bid for the takeover of Soceram Bucharest, while AVAS sold this company for 2.6 million euros, an amount that includes the price for the 80.44% stake sold and the investment programme. The buyer in this case was the consortium comprised of Metaleuroest, Elsid Titu and Nicolae Burghiu. Simcor and Celco were not accepted in the final stage for failing to meet all the necessary requirements to participate in the privatisation. They challenged the AVAS decision, with a lawsuit pending in the Bucharest Court of Law. Mircea Ursache, AVAS chairman, says that in case the fiscal certificate of the bidders shows them to be in debt, then he has nothing to discuss with them. He was quoted as saying by Mediafax that if the privatisation commission had make mistakes in this privatisation, the process could be cancelled and resumed. ZF