Investment fund accuses Romanian Energy Ministry of abuses

Hidroelectrica

Romanian investment fund Fondul Proprietatea has accused the Energy Ministry of abuses within the state-owned power producer Hidroelectrica.

Fondul Proprietatea, which is a minority stakeholder in Hidroelectrica, has expressed indignation at the removal of Oana Truta from Hidroelectrica’s Board of Directors.

Truta was the fund’s representative in the board. The Energy Ministry, which is the majority stakeholder in Hidroelectrica, decided to revoke Truta at the General Meeting of Shareholders organized on August 31. The decision was “unfounded and abusive”, according to the fund.

The Energy Ministry’s proposal does not include the motivation for initiating the legal proceedings against Oana Truta, according to Fondul Proprietatea. In addition, the Energy Ministry and Hidroelectrica have ignored the legal right to information, blocking Fondul Proprietatea’s access to General Meeting of Shareholders documentation.

Fund representatives consider that Truta’s removal represents an additional attack to implementing the principles of corporate governance.

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