“If the privatization procedure is not finalized, irrespective of any fault of the buyer, within at most 60 days since the enforcement of the present government decision, the sale contract will be rightfully canceled without any prior formality and without court intervention,” the Romanian Government announced Wednesday.
Prime Minister Victor Ponta said Wednesday that CFR Marfa’s sale contract will be signed after the country’s high defense body CSAT endorses it, possibly in September, and the privatization procedure will be completed in 60 days,
Earlier Wednesday, the Government approved the contract by which private railway company Grup Feroviar Roman (GFR) takes over 51% of CFR Marfa. The prime minister said the document would be sent to CSAT.
“If CSAT rejects the contract, it will not be signed,” Ponta said.
GFR recently won an auction organized by the Transport Ministry to privatize CFR Marfa and offered EUR202 million for a 51% stake in the railway operator. GFR also committed to invest RON900 million in the company and another EUR1.5 million in environmental projects.