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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Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
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English Section
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
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     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  details
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
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     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
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27.11.2017
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24.11.2017
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23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
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20.11.2017
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     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
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THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
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THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
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13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
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