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Court Orders Becali To Pay Privatization Agency EUR88,000 In Poultry Prod Case

A Bucharest court ruled Monday that controversial businessman Gigi Becali should pay penalties of EUR88,000 to the privatization agency AVAS, after he failed to make environment investments in poultry producer Avicola Iasi.
Court Orders Becali To Pay Privatization Agency EUR88,000 In Poultry Prod Case
05 nov. 2007, 14:14, English
Becali appealed the ruling, which the Bucharest Court of Appeal is to try on December 17.
Becali bought the company in Iasi, eastern Romania, and undertook to continue making investments of some EUR4,2 million, of which EUR1.4 million for the environment and nearly EUR2.7 million to develop the company’s activity.
Becali owns 68.10% of Avicola Iasi, while AVAS owns a 20.47 stake. The remaining shares are held by regional investment fund SIF Moldova, with 7.22%, and other shareholders.