Romanian businessman says insolvency firm caused loss for Romstrade, Blue Air

Romanian businessman Nelu Iordache accuses Casa de Insolventa Transilvania (CITR), the former judicial administrator of construction company Romstrade, that it looted his company, causing losses by ending contracts, maintaining others and signing new ones, but also by selling assets of Blue Air airline. Iordache, the owner of both companies, who is serving jail time for misuse of EU funds, made a series of accusations in a report addressed to creditors, reports local Adevarul. One of the accusations refers to the termination of leasing contracts for equipment, which led to the termination of some of the company’s road and infrastructure contracts. "The presented statements are unfounded. All the measures CTIR undertakes in the insolvency procedures it manages are taken with the agreement of creditors and under the court's control of legality, according to the Insolvency Law. CITR is no longer the judicial administrator of Romstrade, since March 2014. Thus, we can't comment on its activity," said CITR officials. Taking into account all the accusations, the report also asks for a new judicial administrator to be appointed. This is to be done today, August 18, during the meeting of creditors. Irina Popescu, irina.popescu@romania-insider.com