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The Indians Afraid of a Trial against the Czechs

21 Mai 2007
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The managerial staff from Mittal Steel SA Iasi has kept a provision of almost 3 million Euros, in case the Czech ex-owners require recovery for the loss that Romanian state has not paid them back. "The provision for the litigations, to a total value of 9,214,938 Lei, bases upon the risk the company exposes to for the moment, in what concerns the possible suing for damages by the company of the ex-controlling interest Zelezarny Veseli (Z Group), related to the sale of some assets to Mittal Steel Iasi, within the program of investments assumed by the ex-owner", affirms ex-manager Petru Simion on his annual report.

The Indian owners from SC Mittal Steel SA Iasi are expecting that the ex-owners from the former Metalurgica Enterprise, from Zelezarny Veseli, will sue for the damages in the machineries which have been sold by Tepro SA Iasi. The managerial staff from Mittal Steel SA Iasi have calculated a provision amounting almost 3 million Euros, more exactly 92, 14 billion Lei (9, 214, 938 RON), in case they have to cover the loss.


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