Thus, AVAS asked the Government to transfer ANAF receivables to AVAS, through legislative act.
AVAS aims “the country’s strategy envisages a restructuring plan leading to cashing the receivables and rescuing the company from liquidation,” which finally leads to a possible sale of Fortus Iasi.
Fortus employs 700 people and is under liquidation since 2009.
Fortus Iasi is 60% held by AVAS, while Metalexportimport Bucuresti owns a 26.23% stake and investment fund SIF Moldova owns 13.56%. The company has debts of over EUR50 million.
AVAS holds a RON18.6 million (EUR4.04 million) receivable in Fortus Iasi, accounting for 9.44% of all receivables.
ANAF is Fortus Iasi’s senior creditor, with an RON153.8 million (EUR33.43 million) receivable, representing 73% of all receivables. Thus, it confers ANAF the decision-making role upon all the measures regarding Fortus Iasi.
In 2011, Fortus’ turnover was at 42.7 million lei (EUR9.4 million), up 50% on the year, while its loss stood at RON31.7 million (EUR7 million), from RON40.5 million a year before.
Fortus was sold in 2003 to Metalexportimport, but later, in 2008, AVAS decided to annul the deal on the buyer not meeting the terms undertaken by contract.
AVAS said early July it found several irregularities in Fortus Iasi management by its liquidator Casa de Insolventa Transilvania, CITR, and plans to restructure the company on viable modules to subsequently be sold at fair prices. The authority had performed a financial checkup at Fortus between July 3 and 6.
AVAS checkup also targeted contradictory data in the asset evaluation report. The company’s assets were evaluated at around EUR190 million in 2009, compared with EUR35 million in the present. (EUR1=RON4.6009)