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Property Fund gives up trial against Romanian Post


Property Fund gave up the court action against the Romanian Post National Company, which had contested the replacement of the last three members of the Administration Board appointed according to the law on corporate rule, the company announced on Monday.

Property Fund sued the Romanian Post in October because it had replaced three members of the Administration Board, but the Romanian Post won the case with its minority shareholder.

The Ministry of Communications and Information Society pointed out in a press release that the Fund had contested the replacement of the Board members on December 13, although none of the people replaced represented the Fund.

Ministry representatives said the Fund prevented the capitalization of Romanian Post, the only alternative forwarded to the minority shareholder to save the national post operator being insolvency.

According to the source, 170 million lei had been allocated in the state budget to capitalise the Romanian Post as the contribution of the state, but the other shareholder can participate to increase the social capital according to their participation share.

“We are ready to defend the interest of the state in companied we own. I will not allow any negligence of company managements subordinated to MCSI, negligence which can turn into advantage for the competition,” said the minister of communications Lucian Sova in December.

In his turn, the provisional general manager of the company, Elena Petrascu, mentioned that the institution was in full revision process for equipment needs, adapted to concrete realities and based on the package of products  with which the Romanian Post entered the market.

The Romanian Post is owner by the Romanian state through MCSI (75%) and by Property Fund (25%).

The company has 25,000 employees and owns the largest distribution network at national level, which means 80% of post subunits  which are operating now in Romania. Over 19 million people benefit from services of the Romanian Post and over 7.5 millions of addresses are covered by the postal network.