Vladescu: There's a risk that the state might become Rompetrol shareholder again
Finance Minister Sebastian Vladescu is taking into account the
risk that Rompetrol, controlled by Kazakh-group KazMunaiGaz might
not pay the entire 600 million-euro amount required to redeem the
bonds held by the Romanian state, due this September, which could
become the year's top financial story.
"We might end up Rompetrol shareholders again because the contract
on the conversion of the company's historic debts into bonds taken
by the state includes a potential flaw: the Kazakhs may redeem them
in full or in part. This would allow them to conduct a certain
arbitrage and keep a certain percentage, while giving the rest to
the state," Vladescu told ZF in an interview.
Still, he does not see a specific reason as to why the bonds should
not be redeemed in full. At the end of last year President Traian
Basescu said in a TV show that he was convinced the Kazakh group
that took over Rompetrol in 2007 would pay the debt to the Romanian
state in full. Dinu Patriciu, the businessman who persuaded Premier
Adrian Nastase to agree to converting Rompetrol's debts into bonds
in 2003, sold all this shares in 2007 and then in 2009 for more
than 1 billion euros.
The 600 million euros that Rompetrol owes are the main non-tax
revenues that the state budget expects to get this year, Vladescu
says.
As for revenues from taxes and duties, the Finance Minister says
that the only change that will come into force this year is the
replacement of the minimum tax with the lump-sum tax by sectors of
activity, which is to be applied as of 1st of July.
"Besides the lump-sum tax, which I hope will be operational on 1st
of July, we will not change even a single thing in the taxation
system in 2010, we will go forward with the current structure, with
revenues of 30% of GDP."
Vladescu, however, has big plans to reform the tax and duty system,
which he believes is out of touch with the current times.