privatization authority

Romanian privatization authority AVAS laid off over one third of its total number of employees on May 31, and plans to bring the total number of layoffs to 48% at the end of the restructuring program started in December 2009.

The Bucharest Court of Appeals ruled Romania’s privatization authority AVAS must declassify the privatization contract of Romanian car plant Automobile Craiova currently owned by U.S. carmaker Ford, the Romanian Academic Society said in a press release Wednesday.

Romanian Privatization Authority AVAS may lay off 150 people, representing over one third of its staff, to meet the budget assigned for 2010, AVAS’s president Aurelian Popa told MEDIAFAX Thursday.

Romanian privatization authority AVAS might increase its stake in oil company Petrom (SNP.RO) to at least 25%, by transferring a stake from Romanian investment fund Fondul Proprietatea, in order to benefit from a firmer position in the decision-making process.