The Romanian Post Office Company, which posted 43 million euros in losses last year, and is held by the Ministry of Communications and Informational Society and the Property Fund, will be subject to a restructuring process in view of avoiding financial collapse, according to a Government decision.
“The economic situation of the Romanian Post Office has considerably worsened since 2008, seeing a rapid deterioration in the second half of 2009. The negative trend was mainly prompted by the management decisions taken in 2008, which produced effects that created the premises for an imminent financial collapse,” reveals a document on the approval of the strategy to restructure and modernise the Romanian Post Office.
Between 2005 and 2009, overall spending of the state-run company doubled, to 400 million euros, according to data on the website of the Finance Ministry. Moreover, the company went from an 8 million-euro net profit to 43 million-euro losses last year, while the number of employees rose by almost 1,300 to almost 36,000 over the last five years,.
The poor results of the Romanian Post Office were recorded during Dan Mihai Toader’s term in office. He was charged last year by the National Anticorruption Directorate (DNA) in a case on the partnership of the Romanian Post Office with a group of firms in order to build a real estate project on Bucharest’s Calea Victoriei.