Transgaz intends to hire a law firm to get rid of a Competition Council fine of about 11 million euro, for the award of 11 sectorial works procurement contracts in 2011. The fine can reach more than 4% of the turnover of 2010 – one year prior to the works, as provided by law 21/1996.
Thus, Transgaz will organize, on February 10, an extraordinary Meeting of shareholders, which will decide the approval of the contracting of a law firm, through a contract with a value of up to 100,000 euro, is shown in the convocation document.
In case Transgaz loses, it could pay the 4% of the turnover of 2010 plus an amount of 2.58% of this amount, or a 25% reduction of the amount, depending on the seriousness of the act.
The turnover of the company was 1.313 billion lei in 2010, which could mean a maximum fine of over 52.5 million lei (11 million euro at the present value of the exchange rate).