Fondul Proprietatea sues Engie for intra-group contracts

Romania’s restitution fund Fondul Proprietatea (FP) sued in court gas distributor Engie Romania, a company where it is a minority shareholder, with a 12% stake, for some intra-group contracts signed with other entities of global Engie group. The action was filed in court in early November, according to local Profit.ro. In the meantime, FP’s managers said they seek to settle the dispute with a view of having Engie Romania’s shares listed with the support of the majority shareholder. But such an agreement was not reached yet. On November 28, the representatives of Romania Gas Holding BV (the investment vehicle used by Engie SA to control its Romanian subsidiary) and of the Romanian state rejected FP’s request for the listing of Engie Romania’s shares on the Bucharest Stock Exchange. FP questions some contracts signed by Engie Romania with a limited liability company, Engie Energy Management Romania. Engie Energy Management Romania was established in the summer of last year and has as main activity the sale of natural gas with a supply license issued by market regulator ANRE and is controlled by GDF International, which is part of French group Engie. editor@romania-insider.com