Astra’s Adamescu: “I’m destroyed. It’s a blow against private property”

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Dan Adamescu, the owner Astra, categorizes the Financial Supervisory Authority (ASF) decision as a blow against private property which, in his opinion, has become just a “fad”.

“I am destroyed. What Rusanu (Dan Rusanu, former president of ASF – ed. note) has failed, ASF has  managed now. I sent my plan to ASF, but I have not received any response, they didn’t called me to talk. In a few months they will end fund’s (ed. note Insurance Guarantee Fund) resources. It will happen the same as Bancorex,” Adamescu said for, after ASF put Astra’s 25 years history to an end.

ASF Board decided on yesterday to dissolve the company and opening of bankruptcy.

“The ASF Board concluded that the financial recovery plan did not reach its main objective of avoiding the winding –up procedure. The financial indicators have been under control throughout the implementation of the recovery plan, the company did not register losses at the end of 2014, still in the absence of a capital increase as determined by the financial auditors, the structural problems could not be solved and the critical prudential indicators-solvency, liquidity and capital, could not be reestablished to be in compliance with the legal requirements,” the financial institution report reads.

The failure of the last safeguarding stage of Astra capital increase, despite the interest of certain investors with international repute, was basically caused by the absence of the cooperation of the main shareholders.

The bankruptcy of the company controlled by businessman Dan Adamescu leave 1,400 employees without a job.

Read more about Astra Asigurari bankruptcy here.

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