Romania: Coal based Energy Complex Oltenia- restructuring under new management

Member of the Supervisory Board of EC Oltenia Dumitru Marculescu said that there is a material of the control body of the Ministry of Energy which provides measures to recover any damages caused to EC Oltenia, regarding some contracts carried out during the period 2017-2019. The Board was given this document in late 2019, and it gave the legal office and the directorate the measure that these actions of patrimonial responsibility should be drafted, in order to promote legal actions regarding the recovery of these potential damages. The Supervisory Board of EC Oltenia could decide, at the meeting at the end of March, to suspend the functioning of the management board, a measure that will be approved in the general meeting of shareholders.
Sorin Boza, who was demoted from the position of General Manager at the beginning of the year, argues that this was done through political pressure, being an unjustified measure. He previously stated to that he will not challenge the decision of the Supervisory Board and that he will remain in the simple composition of the company’s Executive Board until the end of the term, in October.
In late January, the Supervisory Board of EC Oltenia decided to replace the Chairman of the Board of Directors due to the damage to the company and the fact that he was not legally selected.