Roibu, who served as general manager for 21 years, also gave up his position as member of Oltchim’s board.
His resignation came after the state’s industry privatization authority OPSPI requested that Oltchim’s management be replaced as a condition to receive the necessary working capital to continue operations and pay due salaries, Oltchim said.
Another reason for the decision was the lack of “dialogue and collaboration” between OPSPI and Oltchim’s management, the statement noted.
Following Roibu’s resignation, 15 other senior managers, as well as Oltchim’s chief accountant, handed in their resignation, the chemical company said.
More than 300 employees at Oltchim have staged a protest earlier Wednesday, requesting an official decision regarding the company’s future and the payment of overdue salaries.
Under a EUR3.6 billion precautionary loan with the International Monetary Fund, the Romanian authorities have pledged to privatize Oltchim in 2012. The privatization process is slated to start with a sealed-bid auction September 18, followed, if necessary, by a round of negotiations or by an outcry auction.
Oltchim is majority owned by the Economy Ministry, with a 54.8% stake, while Germany’s PCC SE holds an 18.32% stake.
According to the privatization strategy, Oltchim’s potential buyer will also have to take over total receivables of 1.8 billion lei (EUR400 million) held by the state.
Oltchim reported losses of RON188.2 million in the first half, more than double on the year. The company’s sales fell 41% to RON540.6 million. (EUR1=RON4.494)