Competition Council Looks Into Banking System
Romania’s Competition Council ran unexpected checkups at the headquarters of 25 banks, non-banking financial institutions (NBFIs), leasing companies and professional and employers’ associations, being one of its amplest actions.Checkups were carried out within two investigations into the market of operating leasing services and the financial leasing and consumer loan market in Romania.
Simultaneous checkups were conducted at Bancpost SA, Unicredit Bank SA, Raiffeisen Bank SA, Banca Comerciala Romana SA, BCR Leasing IFN SA, BRD Sogelease IFN SA, Raiffeisen Leasing IFN SA, Unicredit Leasing Corporation IFN SA, Viva Credit IFN SA, ALD Automotive S.R.L., Arval Service Lease Romania S.R.L., Autotechnica Fleet Services S.R.L., BCR Fleet Management S.R.L., BT Operational Leasing S.A., Leaseplan Romania S.R.L., Porsche Mobility S.R.L., Unicredit Leasing Fleet Management S.R.L., Finmedia S.R.L., the association of operating leasing companies ASLO, the Council of Banking Employers in Romania (CPBR), the association of financial companies ALB Romania, the federation of financial services employers in Romania and the leasing and credit employers’ association in Romania. (cotidianul.ro)
RAFO Onesti Assets Put Up For Sale For $60M The unencumbered assets of oil refinery RAFO Onesti will be put up for sale at a starting price of $60 million, VAT not included, and shall not be transferred below the liquidation value of $29.75 million, VAT included.The measure is part of the company’s reorganization plan drafted by the special administrator, namely, insolvency practitioner Casa de Insolventa Transilvania (CITR), and adopted by the Committee of Creditors on December 4.
The refinery has debts of nearly RON330 million and has been under conservation for several years.
RAFO Onesti entered insolvency again on October 27, 2016, after having exited a seven-year organization procedure in 2011. (jurnalul.ro)
Lower Chamber Passes Bill Amending Status Of Magistrates
Romanian Parliament’s Lower Chamber on Monday passed 179 to 90 a bill that amends the law on the status of magistrates.The piece of legislation’s most controversial amendment is related to the Romanian state’s obligation to start legal actions against judges or prosecutors who caused damages to the state due to faulty judgments resulted from bad faith or serious negligence.
The bill had been debated last week in a marathon session that lasted 11 hours. Opposition parties PNL and USR complained that the ruling PSD – ALDE coalition is rushing to adopt the bill instead of debating it thoroughly. The session’s climax came when the bill was listed on the Senate’s website even though it hadn’t been passed by the Lower Chamber, which prompted the opposition to accuse the ruling coalition of premeditation.
The bill is part of a package of laws overhauling the justice system which has been debated by a special parliamentary committee led by former justice minister Florin Iordache. Iordache had to quit in February after he drafted a decree decriminalizing certain offences. The decree triggered Romania’s biggest rallies since the 1989 revolution which led to the collapse of the communist regime. (cotidianul.ro)
Former President Basescu Criticizes Amendments To Law On National Integrity Agency Senator Traian Basescu, Romania’s former president and head of the People’s Movement Party (PMP), said Monday evening at Romania TV that the amendments to the law on the functioning of the National Integrity Agency (ANI) “erases” the incompatibilities found between 2007 and 2013 on mayors and lawmakers.Romanian Parliament’s Lower Chamber on Monday passed a bill amending the law on ANI. The bill received 167 votes for, 90 votes against and 2 lawmakers refrained from voting.
Lawmakers on whom the Agency noted their failure to observe the legal provisions on conflict of interest between 2007 and 2013 will thus no longer be subjected to a three-year election ban, which applies after someone is found incompatible, in conflict of interest or with undeclared assets.
The amendment directly benefits five lawmakers within the ruling PSD – ALDE coalition.
The bill has received severe criticism from the opposition parties USR and PNL, who repeatedly tried during Monday’s sitting to postpone the final vote on the piece of legislation. (jurnalul.ro)