UPON THE INQUIRY OF THE BURSA NEWSPAPER CONCERNING THE AUDITING OF THE INVENTORIES
BURSA 22.02.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     SGS Romania, a company that provides certification and inspection services, yesterday confirmed, upon the enquiry of the BURSA newspaper that it has indeed signed a contract for the provision of services with "Romcab" Târgu Mureș.
     Sebastian Vlădescu, former "Romcab" CEO, told us in an interview "that Swiss firm SGS has been hired by Romcab to certify the inventories for the banks", as there have been rumors in the market that the inventories which the company put up with the banks by the company were fictitious.
     Before knowing the existence of the contract with Romcab, on Friday, February 17th, the representatives of SGS told us that the company did not have a contract with any bank in order to assess the Romcab inventories.
     On the same occasion, they told us that they had no information concerning fictitious inventories.
     SGS was asked to answer the following inquiry: "We have the information that SGS România has evaluated the inventories of Romcab, in order to guarantee a loan taken out by EximBank. The moment the banks' evaluators went to check the inventories they found out that they didn't exist. Why did SGS not notify the banks that the declared inventory volumes were inaccurate? Where did the inventories evaluated by SGS disappear?"
     SGS representatives yesterday told us: "Concerning your enquiry, we want to inform you that the company does not have any information about any situation like the one you are describing. Please provide us with concrete information in that regard, as well as the evidence that you are relying on in support of the claims you are making in your enquiry".
     The SGS representatives yesterday told us that, given the assumed confidentiality obligations, any other information that is the object of the contract with "Romcab" may not be disclosed and they have asked us to talk to Romcab, for any details concerning the contract.
     SGS began its activity in Romania in 1922, in the Brăila port on the Danube river, which was at the second largest port in terms of the grain trade, after Chicago, according to data on the company website.
     "Today, we are the national privately-owned leader in providing inspection, certification, verification and testing services, ensuring trust between people, organizations and governments", according to the SGS website.
     The County Court of Mureș approved on Monday, the insolvency of Romcab, which went in the red in the last quarter of 2016, posting a loss of 39 million Euros, for the year 2016, down from a profit of 9 million Euros, in the first nine months of the same year. 
 

 
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