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All state-owned companies, to receive notification to comply with corporate governance law

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Florin Cîțu

The Ministry of Public Finance will send a notification to state-owned companies to comply with Ordinance 109/2011 on corporate governance of public enterprises, because professional management, with a clear mandate is needed, the relevant Minister, Florin Citu, told private TV broadcaster Realitatea Plus.

"We are having discussions with all companies. I assure all Romanians that all state companies will receive a notification from the Ministry of Public Finance to comply with OUG 109. We need professional management, we need management with a clear mandate. We have economic inspection and will thoroughly control the way public money is used. We also have ANAF [the National Agency for Fiscal Administration] looking at the other side. We will notify everyone that they need to comply with the law, the Finance minister is the one that supervises the enforcement of [Ordinance] 109 in the economy. We will notify everybody that they must observe the law. Now, more than ever, that we are going through this crisis, it is about public money that will go to certain companies or certain sectors of the economy, and we need to clearly see how they will use this money. Transparency and professionalism are needed and this can only be done with professional management," said Citu.

He said that on Monday he had talks with Prime Minister Ludovic Orban, with the representatives of TAROM and Blue Air, to discuss about aid for the two airline companies.

"Both companies have received aid through a loan. Those from TAROM [have received] rescue aid, which, if it cannot be repaid in the next period, will turn into restructuring aid. This is what we have discussed today, TAROM's restructuring. On the other hand, it is about guarantees that have been given so far. There is a loan from EximBank for those from Blue Air and it is further being discussed what other facilities we can find to see if this company can also function in this context. We are having these discussions with the European Commission. We cannot have discussions with these companies without the consent of the European Commission," the Finance minister specified.

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