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AVAS to set up own financial investment company

The State Assets Resolution Authority (AVAS) holds minority packages in 376 commercial companies, whose share capital amounts to 119.6 million lei (about 30 million euros) and will set up an investment financial company (SIF) for minority packages, said Mircea Ursache, AVAS president, cited on Thursday by daily Financiarul.

The 376 companies are shared as follows: in 34 of them the State Assets Resolution Authority holds stakes ranging between 33 and 50 percent, in 95 companies AVAS has share packages between 10 and 33 percent and in the remainder of 247 companies AVAS holds stakes below 10 percent.

The State Assets Resolution Authority has in its portfolio 36 companies in various stages of privatisation, in which it holds majority stakes. The capital of these companies held by AVAS amounts to 147.21 million lei (some 36.8 million euros).

The new company of financial investment company was established in the context in which spending for majority packages is similarly high for the minority packages and majority shareholders do not have money to buy them,' said Ursache.

AVAS president also said that an impressive number of business operators, 73,096 more exactly, did not pay the debts to the state and that in this situation of crisis, AVAS will focus on recouping debts.

AVAS has also other 18,709 litigations under investigation by courts and hopes to recoup from third persons as many as 4.17 billion lei (some 1.04 billion lei), 14.11 million euros and 274.21 million dollars. The debts are claims of companies under insolvency, banking claims, fiscal and commercial claims, according to the State Assets Resolution Authority.

'Our most important concern is the defence of the state's properties and of the assets, said Ursache.

On the other hand, according to some legal decisions, AVAS can be compelled to the payment of 176.94 million lei (some 44.23 million euros), 82.11 million euros and 46.72 million dollars.

At the same time last year, non-performing loans of 16 debtors were switched from the National Agency of State Reserves to AVAS. Of these, 15 are under insolvency.

Over 1999-2008, from the capitalisation of banking claims taken over from Bancorex, BCR and Banca Agricola, the State Assets Resolution Authority derived 1.59 billion lei, namely 569.7 million dollars, according to Ursache.

 

Sursa: http://www.rompress.ro

Tags: million packages companies financial euros authority investment resolution company state assets bcr sif