AVAS spends 30.2m euros on BCR privatisation

AVAS (State Assets Resolution Authority) has spent some 23.6 million euros on the privatisation of the BCR (Banca Comerciala Romana). The money was used for consultancy services, bank commissions and to pay the members of the Privatisation Commission, according to official sources quoted by Mediafax. A further 6.6 million euros were expended to settle the payment obligations imposed on the bank and the AVAS by means of definitive and irrevocable legal sentences. As a result, expenses made by the state for the privatisation of BCR total some 30.2 million euros, while AVAS collected some 2.2 billion euros for the stake sold to the Austrians at Erste. Sources on the market say that Daiwa investment bank, which worked together with Nestor Nestor Diculescu Kingston Petersen law firm as consultants to the AVAS, collected some 17 million euros.