Romanian government seeks suspension of Hidroelectrica supervisory board head amid corruption probe

Romania’s Ministry of Energy will request the suspension of Silviu Răzvan Avram, president of the Supervisory Board of state-controlled energy producer Hidroelectrica (BVB: H2O), while criminal proceedings against him are ongoing, according to a ministry statement cited by Economica.net.

The proposal will be submitted to the company’s general shareholders meeting scheduled for May 29 through an addendum to Avram’s mandate contract. Under the proposal, Avram would be suspended until the conclusion of the court cases in which he is a defendant.

Avram is currently involved in two cases before the Bucharest Court of Appeal, including one in which he is suspected of taking bribes.

The Ministry of Energy, currently led on an interim basis by prime minister Ilie Bolojan, stated that if Avram refuses to sign the addendum voluntarily, shareholders could move to revoke him immediately.

Avram joined the Supervisory Board of Hidroelectrica in 2023 and was appointed chairman of the body in 2025.

Separately, Hidroelectrica informed investors in a stock exchange filing on May 8 that it had not yet received a formal request from the Ministry of Energy to supplement the agenda of the upcoming shareholders meeting with the suspension proposal.

According to the company, the agenda can still be amended by May 14, allowing the updated convocation notice to be published in Romania’s Official Gazette on May 18, following approval by the Board of Directors.

Hidroelectrica is Romania’s largest electricity producer and one of the most valuable companies listed on the Bucharest Stock Exchange, with the Romanian state remaining the majority shareholder through the Ministry of Energy.

(Photo source: Inquam Photos/Octav Ganea)