Board member Andrei Todea said he was not in the meeting and had not seen an analysis to back up the decision. Even board chairman Remus Vulpescu said he knows nothing about the insolvency request. Todea and Vulpescu were appointed by the Ministry of Economy, which controls Hidroelectrica.
Since both claim they did not take part in making the decision, it means the request for insolvency proceedings was authorized by Ionica Raicu, Iulian Butnaru (both appointed by the Economy Ministry) and Oana Truta (representing Fondul Proprietatea).
In a press release, the Economy Ministry said the decision was made by the Hidroelectrica’s board and the Ministry does not interfere in the legal proceedings of state-owned companies.
Former Economy Minister Adriean Videanu told MEDIAFAX that Hidroelectrica’s insolvency is completely unjustified, since it posted profit of more than EUR100 million in 2010 and, in 2011, paid the state the highest dividend in the company’s history.
He added that it was either a bad managerial decision, with devastating results for Hidroelectrica, or someone is attempting to sell the company “for pennies.”
The first hearing in this case has been scheduled for Wednesday, June 20.
Contacted by MEDIAFAX, attorney Gheorghe Piperea, who specializes in insolvency cases, said that if the court approves the request, then the receiver will be able to terminate any direct energy sale contracts suspected of being fraudulent.
According to Hidroelectrica’s balance sheet, the company’s net profit fell last year 45 times, from 292.3 million lei (EUR65.4 million) to RON6.4 million, as total revenues decreased from RON3.41 billion to RON3.18 billion, while expenses increased from RON3.02 billion to RON3.14 billion.
In 2011, Hidroelectrica sold energy worth RON1.52 billion (EUR360 million) through direct contracts, a figure which made up half its sales last year.
The company reported operating profit of RON161.15 million, compared with RON502 million in 2010, and financial losses of RON121.54 million, from RON112 million two years ago.
Short-term debts increased by RON900 million in 2011, from RON1.7 billion to RON2.6 billion, including RON400 million owed to banks (for a total of RON1.1 billion) and RON250 million to suppliers (RON1.12 billion in total).
Long-term debts also increased by more than RON200 million, to RON1.5 billion, with RON1.42 billion in debts to banks. (EUR1=RON4.464)