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European Commission sues Romania for holding “golden shares”

The European Commission decided on Tuesday to open the infringement procedures against Romania, because of the “golden share” still owned by the Romanian state at the national oil operator, Petrom, currently owned by OMV, said the Romanian commissioner, Leonard Orban, quoted by NewsIn.

After the Petrom privatization, the state kept one so-called “golden share”, which gives the owner a veto right in the General Shareholders Assembly and enables it to oppose certain decisions desired by the owner, the Austrian group OMV. According to the EU legislation, the situation comes against several articles in the Interior Market Chapter of the European Treaty.

The Romanian state risks significant fines. OMV currently owns 51% of Petrom. The second largest shareholder is the state, through its State Assets Agency (AVAS), with 40%. According to NewsIn, the infringement procedure begins by sending an official letter to the Romanian authorities, which have two months to present an official point of view. In case the European Commission and the Romanian State don not agree, the state is brought to the European Court of Justice in Luxembourg. (