Furthermore, according to union sources, regulations in effect and the collective Petrom work contract stipulates the possibility of up to 10 percent of the profit being repatriated to employees, although this has not been done since 2007. For this reason, there are lawsuits filed in courts according to which former employees are demanding money from the profits posted by Romania’s largest company.
Petrom has won over 90 percent of these cases, to which is added the working litigation for bonuses, and in the remainder of cases the company is appealing, owing to legal provisions giving it this right, although it is not mandatory for this to be put into application,” added quoted sources.
The Ministry of Economy also proposes dividends worth at least 50 percent of the repatriated profit, something that was likewise voted down. The state owns only 20.64 percent of Petrom shares.
Another surprise during the Petrom meeting on Tuesday was the fact that Attorney Daniel Costea was proposed and approved as member in Petrom’s Supervisory Council on behalf of Fondul Proprietatea. The fund established to compensate persons whose assets were confiscated by the communist regime, had previously proposed for this position Ionut Mircea Costea, President of EximBank, and brother-in-law of Social Democratic Party (PSD) leader, Mircea Geoana.
“I am not related to Mr. Costea, and am not a political affiliate. I am legal counsel for EximBank, I am an attorney, and was proposed by Fondul Proprietatea,” said Daniel Costea for Business Standard.
