China-CEE Investment Cooperation Fund II, a Chinese investment fund owned by the Export-Import Bank of China, has received the green light from Romania’s Competition Council to buy three more local companies active in the agriculture sector.
The three companies are Pasteur Filiala Filipesti - a veterinary medicine producer, Farmavet - a veterinary medicine distribution firm, and some assets of Agrozootehnica Pietroiu farm.
Pasteur Filiala Filipesti and Farmavet are controlled by Sorin Paul Stănescu, the godfather of Valentin Dragnea, the son of Liviu Dragnea - the former leader of the Social Democratic Party (PSD), according to local daily Adevarul.
Pasteur Filiala Filipesti had a turnover of eur 16 million and a net profit of EUR 3.5 million while Farmavet had sales of close to EUR 40 million and a net profit of EUR 0.6 mln in 2018, according to official data from the Finance Ministry.The two companies had over 600 employees in 2018. Agrozootehnica Pietroiu had a turnover of EUR 15.3 mln and a net profit of EUR 3 mln.
China-CEE Investment Cooperation Fund II recently took over 15 silos and logistics hubs from Romanian grain trader Brise Group and announced it would build the first trading platform for independent farmers in Romania.
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