The auditor failed to present in due time an audit report requested by KJK Balkan Holding, considering that shareholders holding at least 5% of the share capital of a company listed on the stock market, may ask the financial auditor to present additional reports regarding the operations invoked by the company.
KJK Balkan Holding also called on the Executive Board of Rompetrol Well Services to present a report on the reasons why the company did not comply with the provisions of art. 94 paragraph (1) lit. b) of Law no. 24/2017, which stipulates the auditor drafts additional reports, within 30 days, based on information presented by the administrators.
Shareholders are also expected to approve the termination of the cash pooling contract concluded by the company with KMG Rompetrol SRL, with the majority shareholder of the company or with other persons affiliated to the majority shareholder of the company. They are also expected to approve the withdrawal of all funds of the company that have been transferred without economic justification to the accounts of the company’s shareholders or their affiliates and the transfer of those funds having not been approved in advance by the company’s shareholders who had no interest in the respective transfer.
Rompetrol Well Services, with a stock market capitalization of RON121 million, is 73% owned by KMG International, the Netherlands-based division of KazMunayGas, the state-owned oil and gas company of Kazakhstan, while ING Luxembourg KJK Balkan Holding SARL holds 10.7% of the share capital, per stock market data.