Romanian Privatization Agency Cancels Sale Of Equip Mkr Fortus Iasi

"We have not and will never tolerate debtors. August 11, 2008 was the final deadline for Metalexportimport to observe its clauses and make the investments it undertook to make. AVAS is responsible for the future of this company and the people it employs. We’re applying the law and making sure the state doesn’t suffer any losses from this,” AVAS vice-president Constantin Botez said in a press release.

Under the sale contract, unless Metalexportimport made the investments it undertook by June 30, 2008, AVAS may annul the sale contract and keep all the money already paid under the contract.