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Transelectrica: The management of the SMART subsidiary was „adventurous”, causing losses

12 April 2019
Electricity
Energynomics

Transelectrica (TEL) shows in the document of economic and financial restructuring of the maintenance company SMART that the activity of the latter is currently in a serious bottleneck, the company imminently risking failure to pay and insolvency, according to zf.ro.

„The management of the company was what we can gently describe as adventurous, creating over 500,000 euros of losses through the Tanzanian business – the opening of the SMART Tanzania branch,” the restructuring report submitted to shareholders on May 6, 2019 reveals. The report is signed by Cătălin Constantinescu, interim director of SMART from 1 March 2019 until 30 June 2019.

„Also, the management side generated in the contracting activity the assumption of risky economic operations, with low profit margins on the beforehand, which proved to be large losses in the afterwards: Dumbrava, Arefu, Râureni. These contracts have the potential to generate additional costs through the intervention of penalties.”

Autor: Energynomics

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