Bulgaria’s Eurohold accuses Romanian officials of hostile takeover attempt of local subsidiary

Assen Christov, the president of Bulgarian group Eurohold – the owner of Euroins insurer with the EBRD among its shareholders, accuses in an interview with Bursa.ro that members of the top management in the Romanian financial supervisory body ASF and individuals “close to” bankrupt market leader City attempted a hostile takeover of local subsidiary Euroins.

“Our protest is directly addressed to [Cristian] Roşu [vice president of ASF, Insurance-Reinsurance Sector], Ionescu [director of the General Directorate of Insurance within ASF] and three other employees from a lower level. We accuse these people of having knowingly exceeded their duties by misleading the board members by providing them with incorrect information, and we also accuse them of an attempted hostile takeover of our company by people close to City Insurance,” Christov stated.

These things started in 2019 and continue even now, he added.

Assenov claims explicitly that the pressures continue. In 2022, the pressures on Euroins continued and continue now.

“The aim is to put the EuroIns company under [special] administration although, in fact, the company is in a very good situation and, at the same time, to show the public that things are being done in the public interest. In fact, the aim is to attract a new shareholder to the company [...]. I would like to mention that neither the current president [Nicu Marcu] nor the former president are to blame for this, only the people from the insurance sector are to blame,” he explained.

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