Laurentiu Ciurel, ousted from Oltenia EC’s leading for supplying coal to customers with unpaid debts

The Supervisory Board of Oltenia Energy Complex, freshly renewed by replacing three members of 5, decided on Friday evening to dismiss the General Director Laurentiu Ciurel, although he had the mandate until next year inclusively, for “failure criteria performance assumed.”

He was replaced by an interim director, Laurentiu Ciobotarica, CFO of the state-owned company, who held this job at Distrigaz, the subsidiary of GDF Suez in Romania.

Last year, EC Oltenia recorded total losses of over RON 693 million, while the company’s 2014 budget, approved by the Government, provides a net profit of RON 31.09 million.

The company management justified the negative significant outcome, inter alia, by provisioning over RON 356 million for unpaid invoices from customers from municipal centralized heating systems, as RAAN, CET Brasov, CET Govora, CET Oradea and Termoficare Craiova. Some of these entered insolvency or bankruptcy.

As General Director, Laurentiu Ciurel, along with other nine directors of the energy complex were sued this year’s January by Fondul Proprietatea, a minority shareholder of the company, with over 21 percent of the shares, precisely for the fact that Oltenia EC has continued to supply coal to customers with unpaid debts.

In turn, Ciurel said he wants to sue Fondul Proprietatea for abuse of minority position against the interests of Oltenia EC, and to claim damages of USD 100 million.

The next deadline in the process, pending before the Gorj Court, is scheduled on January 27 next year.

The Director of Oltenia EC is prosecuted in the Turceni – Rovinari file, along with Prime Minister Victor Ponta and former minister Dan Sova, being accused by the National Anti-corruption Directorate (DNA) prosecutors of bringing damages to the company of RON 2.7 million.


abuse of minority positionCET BrasovCET GovoraCET OradeaCFO of the state-owned companydamages to the companydeadline in the processFondul Proprietateaformer minister Dan SovaGorj CourtinsolvencyLaurentiu CiobotaricaLaurentiu CiurelmandateNational Anti-corruption Directorate (DNA)of municipal centralized heating systemsOltenia Energy ComplexPrime Minister Victor PontaprosecutedRAANTermoficare Craiovatotal losses
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