Romanian investor’s daughter elected in state-owned company’s board

Karina Paval, the 24-year old daughter of Dragos Paval, one of the richest Romanians, was elected in the board of directors of state owned oil transport company Conpet Ploiesti.

Dragos Paval and his brother Adrian Paval own the biggest do-it-yourself retailer in Romania – Dedeman, which holds a 7.4% stake in Conpet. The Energy Ministry is the company’s biggest shareholder, holding 58.7% of the shares.

The seven members of Conpet’s board were elected through the cumulative vote method. The other six members are Constantin – Ciprian Iacob, Claudiu – Aurelian Popa, Florin – Daniel Gavrila, Mihai – Adrian Albulescu, Cristian – Florin Gheorghe and Darius – Dumitru Mesca. The board members get a fixed monthly compensation of RON 13,022 (EUR 2,800) gross.

Conpet has 1,700 employees and last year had a turnover of EUR 82.5 million and a net profit of EUR 16.3 million. The company is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 168 million.

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