Irregularities discovered in Hidroelectrica and Oil Terminal

The total loss recorded by Hidroelectrica from bilateral contracts with certain companies to supply electric energy at preferential prices amounts to 4,5 billion lei (1,3 million Euros), according to the economy minister, Daniel Chiţoiu.

The evaluation was accomplished by the receiver of the company, who negotiated with all the beneficiaries of such contracts in the last period, to bring prices at the competitive market level.

"Hidroelectrica was selling electricity in most of the bilateral agreements concluded with the "smart guys".

"The damage of the society from these contracts amounts to 4.5 billion lei (about 1.2 to 1,300,000,000 euros), as they were evaluated both by the special and judiciary administrator", said Daniel Chiţoiu.

Companies renegotiating bilateral agreements with Hidroelectrica have had a refractory position to the new conditions proposed.

However, there were two exceptions, and in this context is expected that it will not reach a deal with intermediaries.

By the end of July will be canceled also these contracts, according to the economy minister, Daniel Chiţoiu.

"Both before the insolvency and within the insolvency period were negotiated bilateral agreements with recipients.

"During this period, with two exceptions, all had refractory position, did not accept the new terms of negotiation, i.e. the selling price to be that from the competitive market.

"They did not agree with the reduced quantities. Three contracts have been terminated with Europec and two with EFT.

"It is expected that it will not reach a deal with the intermediaries, these contracts being supposed to be terminated by the end of this month," said Daniel Chiţoiu.

The economy minister said that the special administrator is supposed to bring Hidroelectrica at the "normal state" by the beginning of the fourth quarter of 2012.

Unjustified expenses at Oil Terminal

Undue payments and expenses made ​​for personal interest are the conclusions resulting from the checks carried out by the Ministry of Finance and the Court of Auditors to state-owned Oil Terminal, following the requests from the Minister of Economy, Daniel Chiţoiu.

Among the costs of the company there and are also included payments for jewelry, tie-pins, wine collectors or very expensive watches.

"Payments for jewelry of a value of 26,488 lei and gold items, cufflinks and tie pins for 6,646 lei, gold watch at 1850 euro, cufflinks, tie pin, gold pins for 2980 dollars, wine collection of 23,000 RON, perfumes for 2,574 euro, handbags for 10,000 lei and other gold items worthing 4,207 lei, "said Daniel Chiţoiu.

Also, the economy minister said that there have been found "unreasonable contracts with law firms, amounting to 852,000 lei."

Daniel Chiţoiu, said that the "unjustified spending will be charged".

Also, there were found, according to the minister, deficiencies on adding the company costs and rental agreements with various companies.

All this amounts to 227,000 lei, according to the economy minister, Daniel Chiţoiu.

Auction for a contract of 7.7 million, canceled

The Ministry of Economy has also announced that he has canceled an auction held within the SOP won by Ecoinvest SRL Deva, for a contract worth 7,7 million lei, approved in 2011.

The reason given by the minister is connected to poor preparation of documents.

"I canceled an auction of 7,7 million lei, approved in 2011, won by Ecoinvest SRL Deva for a goal mine from Caraș Severin.

"I have found that the auction procedure and documents were poorly and dedicatedly prepared.

"The company did not have within the objective of activity the enabling of works, similar experience in the last five years, which means it did not result experience in closure and refurbishment.

"All the elements have led to cancellation of auction, the proceedings resume for this goal," said Daniel Chiţoiu.

SOP is the largest program run by the ministry of economy and has, according to the official, the biggest problems and delays.

The minister of economy said that the SOP projects have a total value of 2,420 billion euros.

Translated by Alexandra-Diana Mircea
MTTLC, Bucharest University