The ongoing two-year conflict between the management of the Oltchim Râmnicu-Vâlcea plant (OLT) and the Germans at PCC, has in the past few months escalated amid allegations thrown around by both sides.
PCC has filed a complaint with the DNA (National Anticorruption
Directorate) against Oltchim boss Constantin Roibu based on
allegations published in the local Râmnicu Vâlcea press on
activities that would have prejudiced the company, while Oltchim
wants to bring a court case against the Germans for allegedly
abusing their status as minority shareholders and for keeping the
company from achieving the budgeted indicators for 2009 and
2010.
At stake is control over Romania’s biggest chemical plant, which
Roibu has been running for 20 years as a representative of the
state, as the majority shareholder, with PCC being a minority
shareholder with a 12.1% stake. At play are the privatisation of
the plant, which has been recently brought up again by the IMF, and
the fate of the company’s over 3,400 employees. PCC, which owns a
chemical plant in Poland and is in competition with Oltchim on
certain product segments, has expressed its intention to take part
in the plant’s privatisation.
The Economy Ministry, which is Oltchim’s majority shareholder, has
so far endorsed Roibu, voting in favour of the chairman’s proposals
in the General Meeting of Shareholders.