New owner of Romania's Oltchim wants to sign privatization contract today

Romanian businessman Dan Diaconescu, who last week won the privatization bid for Romania's largest chemical producer Oltchim, said he wants to sign the privatization contract today (September 24 ) and transfer the money to the company accounts immediately, to pay salaries and ensure work capital. “I want to sign the contract today, if the Government agrees,” said Diaconescu upon entering the Economy Ministry headquarters in Bucharest.

Diaconescu's win in the privatization of Oltchim has triggered debate in the media, and even comments from high level politicians, as many fear he does not have the money to take over the producer. The businessman, owner of OTV television station and also head of the political party Partidul Poporului Dan Diaconescu, offered RON 203 million for Oltchim – some EUR 45 million. He won 54.8 percent in Oltchim. Romania's Prime Minister Victor Ponta said he would have wanted a large Russian company to take over Oltchim and that if the new investor will not comply with the terms of the contract, or pay the money pledged, he will be investigated by the Police. More about the Oltchim bid here. editor@romania-insider.com