The former board members and managers of Hidroelectrica will be held liable

The shareholders of Hidroelectrica recently approved the filing of a lawsuit against the former board members and managers of the company, according to an announcement posted on the website of Hidroelectrica. The holding liable of the former board members and directors will be done depending on whether Hidroelectrica is found to have incurred losses, as a result of the signing of the contracts for the provision of electricity. The amount of the losses will be determined through studies, investigations and audit reports.

The shareholders want to find out whether the former Board members and managers of Hidroelectrica have caused the company to suffer money by violating the legislation in effect, the provisions of the Articles of Incorporation or the decisions of the General Shareholder Meeting or of the Board of Directors and whether they have complied with the terms of their mandate.

The report on the causes of the insolvency of Hidroelectrica, drawn up by Euro Insol, the receiver of the company, reveals that out of the direct contracts concluded with the so-called "clever boys" in the energy sector, Hidroelectrica lost over 1 billion Euros. In summer last year, these contracts were terminated by Euro Insol.

The BURSA newspaper exclusively published the direct contracts of Hidroelectrica in autumn last year. The contracts were signed by the former general manager of the company, Traian Oprea. The contracts were extended until 2018 by Mihai David, who held the position of general manager between 2009-2010.

Sources from the Ministry of the Economy claim that the investigative body of the minister has already begun a probe at Hidroelectrica. The shareholders have postponed the discussion on the sale of the micro-hydroelectric plants, proposed by Euro Insol.