AVAS performed a financial checkup at Fortus between July 3 and 6.
Fortus employs 800 people and is currently under liquidation since 2009.
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.
The Authority also found some irregularities in its management by CITR. Thus, the company’s turnover has drastically decreased over the last two years, corroborated with a bad financial management for a company under liquidation as well as with the enforcement of measures on cutting Fortus production meant to suspend the company’s operations while the latter still having firm and profitable orders, AVAS said in a statement.
AVAS president Marius Lucian Obreja urged Fortus Iasi must be saved from bankruptcy as assets, equipments as well as specialized workforce could be a business investment.
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.
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. (EUR1= RON4.5142)