Alexander Adamescu: The Romanian state will be sued for the ‘forced bankruptcy’ of Astra Asigurari


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The majority shareholder of Astra Asigurari, the Nova Group Investments (TNG), company indirectly controlled by businessman Dan Adamescu, said on Wednesday it “is going to sue the Romanian state to an international investments court.”

“The Romanian state, through the Financial Supervising Authority (ASF) and other institutions has bankrupted the company Astra. The only chance to prove this reality is an arbitration before a Court of International Arbitration, which is why TNG has sent the Romanian Government a notification by mid-December 2015,” says Alexander Adamescu, son the businessman who controlls the insurance company, reports.

TNG estimates that ‘the damage amounts to several hundred million euros in compensation for Astra bankruptcy and for seizing several assets.’

Bucharest Court of Appeal gave a final ruling on the Astra Asigurari’s bankruptcy 12 days ago after almost eight months since the Romanian Financial Supervisory Authority (ASF) decision. This means that injured of this insurance company will start to get their payments for their damages.

ASF Board decided on September 8 the bankruptcy of Astra Asigurari, after the insurer failed to increase the capital by RON 425 million.

Policyholders Guarantee Fund (FGA) has completed the transfer of the claim files, of insurance contracts and of databases from Societatea de Asigurare-Reasigurare Astra SA, taking over on October 1, 2015, a total of 57,210 claim files, including the redemption files and 2,046,604 of insurance contracts in force.

Asta Asigurari is controlled by businessman Dan Adamescu, being among the largest local insurers, with a 10 percent market share and underwriting of about RON 800 million per year.

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