“The Romanian state, through ASF and other institutions, triggered the bankruptcy of Astra company. The only chance to prove this truth is an arbitration at an International Court of Arbitration (…),” Adamescu said.
Astra owner’s son said that, despite all TNG attempts to find a solution together with the Romanian state to carry out its restructuring plan, Romanian authorities ”refused to meet their own commitments”, so that, a new share capital increase was hindered in the summer of 2015.
TNG owns a 99.7% stake in Astra Asigurari.
On April 28, Bucharest Court Of Appeals ruled irrevocably on the bankruptcy of Astra Asigurari, eight months after the Financial Supervisory Authority ASF asked for the insurer’s bankruptcy.
On August 26, 2015, ASF asked for the bankruptcy of Astra Asigurari, which had been under special administration after it failed to raise RON425 million for the share capital hike. At that time, the company had 1.8 million insurers with 2.5 million valid insurance policies.