RE: Vast net asset Value £200m2 Aug 2024 08:32
‘The Romanian government decided, on Thursday, to supplement the budget of the Ministry of Economy, so that the money, more than 11.6 million lei, reaches the accounts of the state company Băița SA and is used for the purchase of an installation necessary for the processing of dolomite.
In an information sent after the meeting, the Government representatives say that "through this Decision, the addition of 11.6 million lei to the budget of the Ministry of Economy, Entrepreneurship and Tourism is approved to increase the share capital of Băiţa S.A., in order to make a necessary investment exploitation and processing of dolomite from the Băiţa-Bihor deposit".
The necessary amount is allocated from the budget reserve fund at the Government's disposal.
"With this amount, the company will purchase an installation necessary for the dolomite processing activity, which will make it possible to continue the measures undertaken through the Restructuring Program prepared and approved for Societatea Băița S.A.", the official release also states.
The governors say that the Baița Mine exploited dolomite for 10 years, between 2013-2022, "a resource that brought profit to society".
In 2023, SC Baița SA had a turnover of only 3.9 million lei and debts of 15.9 million lei, according to data from the listafirme.ro and termene.ro portals.
Two years ago, BIHOREANUL wrote extensively how a series of special administrators failed to restore the activity of the state company based in the huge Palace of the National Uranium Company in Ştei. Moreover, despite the reports of the Court of Accounts, which revealed exaggerated expenses, Băiţa SA was among the companies whose debts the Government decided, in March 2022, to reduce. Of the 11.7 million lei that he had to pay, 8.5 million were written off outright, as shown in the article Baiţa under protection: The underbelly of the "business" through which the Government wrote off the debts of the state mining company Baiţa SA.’
- in case anyone hasn’t yet translated.
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