State-owned companies get clean slates before privatisation

The state budget can forget all about recouping money from 30 companies included in the portfolio of the Privatisation Authority (APAPS). These companies will benefit from total or partial cancellation of their debts to the state budget, APAPS sources were quoted as saying by Mediafax.

The list of these companies includes Petrotub Roman, Electroputere Craiova, Rocar Bucharest, Rulmentul Brasov, Faur Bucharest, Letea Bacau, UCM Resita, Timpuri Noi Bucharest, Fortus Iasi, Urbis Bucharest, Ampelum Zlatna, CUG Cluj, Electronica Bucharest, Tremag Tulcea, Tubinox Bucharest, Turnu SA Turnu Magurele, Aversa Bucharest, Hart Miercurea Ciuc, Corapet Corabia, Transmixt Bistrita, TCM Cluj, MAT Craiova, Baneasa Voluntari, Metalurgica Aiud, Agromec Gilau, Arteca Jilava, IAIFO Zalau, ICMRS Galati, Unirea Cluj and Uztel Ploiesti.

Also, the state budget will no longer get the money owed by steel mill Siderurgica Hunedoara (more than 8,836bn ROL), as the company’s debts will be erased so that it can be sold to LNM Holdings.

According to Law 137/2002 on measures for accelerated privatisation, public institutions and lending state-owned institutions can grant certain incentives to the state-owned enterprises that are being privatised. These incentives include partial or total cancellation of debts, including obligations to the state budget, namely taxes, contributions and other budget revenues. In the case of partial cancellation, the remaining amount will be paid back in tranches, according to the schedule approved by the state-owned lender.

Also, the said companies are exempt from paying the delay penalties and, in fact, any kind of penalties related to the debt.

Moreover, the companies’ debts to the Health Fund can be paid over 5 years, with a six-month grace period, included in the rescheduling period, whereas delay penalties will be cancelled. razvan.voican@zf.ro