Romanian cable producer Romcab loses EUR 39.5 mln due to “accounting error”

Targu Mures-based cable producer Romcab, which filed for insolvency in February, recorded losses of RON 180 million (EUR 39.5 million) last year, but the company’s special administrator Zoltan Prosszer explained that it was an “accounting error," reports local Ziarul Financiar. A shareholder of Romcab asked for explanations at the general meeting of shareholders on the loss of RON 180 million. Zoltan Proszer replied that it was an accounting error, according to the report of the general meeting of shareholders published on the Bucharest Exchange Stock yesterday. Romcab has accumulated debts of about RON 1 billion (over EUR 222 million). The biggest creditor is the state-owned bank Eximbank, which is the Romanian state’s guarantee institution. Romcab’s debt to Eximbank amounts to EUR 41 million, accounting for 18.4% of its total debts. editor@romania-insider.com