BURSA 27.07.2017

Emilia Olescu (translated by Cosmin Ghidoveanu)
mărește imaginea
     *  Ștefan Vuza made a series of statements lately, saying that Oltchim is not making investments, that are there companies that parasitize Oltchim and that the plant's profit isn't real
     *  Oltchim executives: "It can be said that the participation of Chimcomplex in the process for the sale of Oltchim has been made exclusively in order to get access to information that would then be used for the benefit of their own businesses"
     *  Piperea: "If, because of these statements, the sale of the distinct blocks of assets fails, then Oltchim will bring a tort liability lawsuit, signed by me"
       At Oltchim there is corruption and there are no parasite companies, lawyer Gheorghe Piperea, bankruptcy trustee of the Râmnicu Vâlcea plant, in response to the statements made over the course of last week by Ștefan Vuza, the owner of Chimcomplex Borzești.
     Among other things, Ștefan Vuza said that the profit of Oltchim is not real, that the company never made any investments, that it has unions and corruption problems and that there are companies that parasitize the plant.
     The management of Oltchim reacted to these statements and last night sent us a press release signed by the representatives of the consortium of Oltchim bankruptcy trustees - RomInsolv and BDO Business Restructuring SPRL -, by the executive management and by special administrator Bogdan Stănescu. In it, they expressed their concern over the impact that "the untrue information and the defamatory statements" made by Ștefan Vuza could have on the commercial relations of Oltchim. The aforementioned document states: "As Chimcomplex had access to thorough information, in the stage of the due-diligence which it had both the right and the time to verify, the statements it made become tendentious and malicious".
     In response to the statements of Mr. Vuza, lawyer Gheorghe Piperea told us: "In order to have parasite companies and corruption during an insolvency procedure, the syndic judge, the committee of creditors, the bankruptcy trustees, the special administrator, the executives of the company would all have to be corrupt. So Mr. Vuza is saying that we are all corrupt, and that is unacceptable, because it is a slandering of all those who have gotten involved in this process and because it is extremely dangerous in terms of the reaction which the EU might have. Unfortunately, there have been a number of situations in which the EU people have taken into consideration what has been written in the press, not what we told them.
     It is true that there has been corruption at Oltchim, there have been many parasite firms, but they stopped existing the moment we got there. They have all been removed. At Oltchim there is currently no corruption and parasite companies.
     In four years and a half, since we have been in an insolvency procedure, everything has been transparent, everything is visible to the creditors, to the judges, to the Stock Exchange, to the press, with the exception of the aspects which the European Commission and the investment bank prevent us from making public - and that is normal to a certain degree.
     Mr. Vuza is saying that there are problems with the unions. The problems with the unions are so «big», that all the lists with the employees that would transfer over to the buyer of the assets have been signed.
     Also, Mr. Vuza is saying that there are no investments made in Oltchim. I will give you a few examples:
     First of all, in the last three years, CAPEX type investments have been made at Oltchim - investments in technology and reconditioning of some machinery - of 7 million Euros, out of internal financing sources, which have made it now that now, Oltchim seems to have an EBITDA - the earnings before taxes - of 3.5 million Euros. That EBITDA was obtained in one month. Therefore, if we multiply 3.5 million Euros by 12, then we get the annual EBITDA of Oltchim.
     At the same time, during the long period in which Oltchim was led by Constantin Roibu, there have been some disasters when it comes to the environment conditions, not just under the aspect of pollution, and even when it comes to the taking of decontamination measures on time, which is why we are now paying approximately 12 million Euros for compliance and 100,000 Euros a month, as fines. And that new pollution is not caused by us, rather we are decontaminating what Roibu contaminated up until five years ago.
     Another stupid statement made by Mr. Vuza is that the Oltchim profit is not real. This company is listed on the Stock Exchange. In order to declare profit, we need to notify the Tax Administration and the Bucharest Stock Exchange. Once we announce the tax administration that we have a profit, we also pay the profit tax. Last week, through the bank, we paid 6.25 million lei as profit tax. How can you say that that profit does not exist, in that context?"
     The press release sent last night by the management of Oltchim is saying: "Concerning the profit tax, in order to discuss only the latest financial information, we have to clarify the fact that both in the first and the second quarter of 2017, Oltchim has paid to the state budget an amount of approximately 10 million lei, representing profit tax.
     Also, in the first four and a half years of insolvency, Oltchim has made significant investments in retooling the production capabilities, such as the electrolysis installation with membranes, the oxoalcohols installation, propenoxide, in the used wastewater installation etc.
     Besides, Oltchim is a public company, and the information that Mr. Vuza presents as true (environmental problems, the lack of profit, the lack of investments) are contradicted by the reports/official notices made both to the Bucharest Stock Exchange, to the institutions of the state, as well as to European institutions".
     The management of the plant of Râmnicu Vâlcea thinks that the statements made by Mr. Vuza considering that Chimcomplex is a competitor of Oltchim SA on the chemical products market are all the more concerning it and could lead to the conclusion that Chimcomplex only got involved in the sale process to get access to inside information which it would then use to the benefit of its own business rather than for the purpose it committed to do it for - namely to buy blocks of share in Oltchim SA.
     "The completely false statements made by the representative of Chimcomplex violate the European and national principles when it comes to competition/unfair competition", the press release of Oltchim further states.
     Lawyer Gheorghe Piperea concluded: "If, because of the statements made by Ștefan Vuza in the last week, the sale of the distinct blocks of assets fails, then Oltchim will bring a tort liability lawsuit, signed by me, because 2000 employees and a few other thousand people who depend on the existence of this company".
     Chimcomplex Borzești filed a binding offer for the acquisition of the assets of Oltchim, a company which is insolvent. 

Readers' comments    [ add a comment ] 
Trimite părerea ta.
Nume (maxim 50 caractere)
E-mail (optional)
Titlu (maxim 50 caractere)
Prin trimiterea opiniei ne confirmați că ați citit regulamentul de mai sus și că vă asumați prevederile sale !
Aceeasi sectiune (English Section)
Piaţa de Capital
     Indicii de pe Bursa de Valori București (BVB) au deschis în depreciere ședința de tranzacționare de astăzi.  click să citești tot articolul
     Principalii indici bursieri de pe Wall Street, New York, au închis ședința de tranzacționare de ieri în apreciere.  click să citești tot articolul
     Patru dintre principalii indici bursieri asiatici erau în depreciere la mijlocul ședinței de tranzacționare de astăzi.  click să citești tot articolul
Revista Presei
      * Trump, noi săgeți către Merkel: "O supervedetă, dar a fost foarte rău afectată din cauza imigrației"  click să citești tot articolul
Calendarul BURSA 2018
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
     Piața principală a Bursei de Valori București (BVB) a încheiat ședința de tranzacționare de la mijlocul săptămânii în teritoriul negativ, majoritatea cotațiilor terminând ziua în scădere, pe fondul...  click să citești tot articolul
     Bursele din Europa au urmat un curs pozitiv, ieri, în baza rezultatelor financiare anunțate de companii.
     Titlurile producătorului suedez de echipamente de rețea "Ericsson" AB s-au...  click să citești tot articolul
     Opt din cei nouă indici ai Bursei de Valori București (BVB) au cunoscut aprecieri moderate, în ședința de tranzacționare de ieri, pe fondul unui volum de numai 26,2 milioane de lei, sub valoarea...  click să citești tot articolul
     Acțiunile tranzacționate la bursele din Europa au avut o evoluție mixtă ieri, investitorii fiind atenți la rezultatele anunțate de corporațiile listate.  click să citești tot articolul
     * Volum de numai 15 milioane de lei
     Piața principală a Bursei de Valori București (BVB) a avut debut slab de săptămână din punctul de vedere al valorii tranzacționate, rulajul consemnat,...  click să citești tot articolul
     Bursele din Europa au urmat un curs descendent ieri, cu pierderi importante în sectorul minier, după ce publicarea unor date privind economia Chinei a evidențiat efectele războiului comercial global.  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 18 iulie 2018
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
click aici pentru cursurile pieței valutare - istoric
English Section
Russia World Cup
     The final tournament of the World Football Cup will end with a gala representation, the duel between Croatia and France. France, the with the most expensive players in the tournament, has met the expectations, Croatia is the biggest surprise the of the competition.  click here to read the entire article
     Cristiano Ronaldo (33 years old) had several hits over the last few days, even though in the final tournament of the World Championship he failed to exceed expectations, as Portugal was eliminated in the round of eight.  click here to read the entire article
     The world is intensely preparing for a water crisis, the most important resource for human life. The signs, on a continental and global level, that there is a water problem are increasingly clear.  click here to read the entire article
     The Bursa Construcțiilor magazine, published by the BURSA press group, has taken the first step in the third decade of existence and has awarded, in this year's Gala, no fewer than 20 awards of excellence, to some of the most important associations in the sector, as well as to companies that have stood out through their activity.  click here to read the entire article
     In the plenum joint meeting of the Chamber of Deputies and the Senate, which will be held today starting at 14:00, will be debated and put up for vote the vote of no-confidence against the government submitted by 152 members of the opposition.
     The document which incriminates the failures of the Dăncilă government has been read in the Parliament on Monday, June 25th.  click here to read the entire article
     Even without the court ruling rendered in first instance by the High Court of Cassation and Justice in the lawsuit of the fictitious hiring at the Child Protection Department of Teleorman the focus on getting all the institutional levers under the - informal, but all the more important - authority of Liviu Dragnea. But, after his conviction on June 21, this trend will speed up. But only through this kind of concentration of power can the president of the Chamber of Deputies hope to change not only the balance of power - which is already favorable to him, even though nothing is final in politics -, but the legislation based on which he has been sentenced, so that he gets exonerated of any legal responsibility. Or, when the powers of the state are concentrated in the hands of one man, democracy, even though it may be only a façade, moves aside to be replaced by autocracy. And in Romania, the temptation of autocracy, hidden under the veil of illiberalism, is more powerful than it has ever been, after the fall of communism. Could this be just an accident owed to the meteoric apparition of Liviu Dragnea?  click here to read the entire article
     The Romanian Constitution:
     Art. 80 - The role of the president
     (1) The Romanian president represents the Romanian government and is the guarantor of national independence, unity and territorial integrity.
     (2) The Romanian president must watch for the compliance with the Constitution and the good functioning of the public authorities. For that purpose, the president serves as a mediating entity between the powers of the state, as well as between the state and society.  click here to read the entire article
     The reunion scheduled today between Donald Trump and Kim Jong-un is taking place in Singapore due to the relative neutrality and the security this city-state provides. Singapore is one of the few countries that still hosts a North-Korean embassy, and many of the deals of the Kim regime were conducted here, according to the foreign press.  click here to read the entire article
     "It is a good thing that the public doesn't understand the functioning of our banking and monetary system, because otherwise I think there would be a revolution in the streets by dawn".
     HENRY FORD, founder of the American automotive industry

     Fed up with subsidizing the commercial banks with their own money, the Swiss, mobilized through the "Sovereign Money" initiative, have proposed the organization of a Referendum which will be held on Sunday, June 10th 2018 - is a historical referendum, revolutionary for the banking industry, of international resonance -, by which the initiators want to amend the Constitution, which would impose to the commercial banks to grant loans only within the limits of the bank's money, forbidding them to issue scrip money and ensuring the monopoly of the Confederation (of the Swiss state) on issuance of money free of debt.  click here to read the entire article
     The "pension apocalypse is coming"! The more or less qualified keep talking in the written press, TV and on the radio. The uncertainty is being preserved - deliberately by some, by the government members out of pure stupidity!  click here to read the entire article
     Where there are many entrepreneurs there is creation, where there are many women entrepreneurs there is divine creation, says Gabriela Mihaela Voicilă, state secretary in the Ministry for the Business Environment, Trade and Entrepreneurship (MMACA). In her opinion, entrepreneurship means joy, a better situation, but less time for the family: "Taken together, entrepreneurship means achievements (...) Every one of us needs validation, for having built, having created something".  click here to read the entire article
     * Piperea: "In the Andriciuc case, the EU Court of Justice has not limited its argumentation to the CHF, but expanded it to cover any currency for which the debtors weren't hedged"
     The courts in the country have begun ruling in favor of borrowers and freezing the value of the European currency at the exchange rate valid on the date the loans were originated, in the lawsuits brought against the banks.  click here to read the entire article
     The urge "Mircea, act like you're working!", back in the days of the so-called revolution of December 1989, was brought back recently by a new "director".
     We are talking of course, about the meeting between NBR governor Mugur Isărescu, and a government "delegation" led by chamber of deputies chairman Liviu Dragnea, together with PM Viorica Dăncilă.
     Sources from within the PSD, quoted by, have claimed that, "in the meeting with the NBR governor, Liviu Dragnea seemed to be looking for a way out, and he seems confused, as he didn't expect his decisions to lead to such effects in the economy".  click here to read the entire article
     Liviu Dragnea's insistence in moving the Romanian embassy from Tel Aviv, to Jerusalem, feeds an older, widespread confusion. Much older. Politically, Jerusalem has been divided from the first presence of the Judeans on the lands of the Palestinians, since back in the days of Abraham and Abimelec. "The indivisible Jerusalem" wanted by Benjamin Netanyahu is a spiritual creation.
     Definitely, pilgrims and locals claim that Jerusalem has a geography, meaning that the city would be compatible with the cardinal points and that is why Palestinians, Israelis and people overall, including those of the UN, EU and the US, speak about Eastern Jerusalem and Western Jerusalem, without anybody being surprised that that is happening at the center of the world, where the god of the Judeans began his creation, starting from the very rock from which later Archangel Gabriel raised Mohammed to visit Heaven, the same place of origin where one of the seven angels "and showed me the Holy City, Jerusalem, coming down out of heaven from God." (Apocalypse, 21: 10), where God is one of the same.  click here to read the entire article
     Financial fair play is a concept that comes from the world of soccer. The notion is simple, don't spend more than you earn in a month, or in a year, regardless of what shareholder, mogul or investor enters the business.  click here to read the entire article