The court froze the shares of Astra Asigurări (ATRA) and ofUnirea Shopping Center (SCDM), controlled by businessman DanAdamescu, through The Nova Group Investments, as part of acompulsory execution case following reports sent by the twocompanies to the Bucharest Stock Exchange.
According to market sources, The Nova Group has to pay penaltiesamounting to around 20 million RON (4.6 million euros) because itfailed to follow through on an investment commitment made whenUnirea Shopping Center was privatised. Representatives of AVAS(State Assets Resolution Authority) confirmed that the institutionwent to court petitioning for compulsory execution of The NovaGroup.
According to reports sent to the Stock Exchange by Astra and UnireaShopping Center, the value of the receivable is much lower than themarket value of the two stakes. The two companies have not providedadditional details on the case.
The 74% stake held by The Nova Group in Unirea Shopping Center isworth around 44.4 million euros on the stock exchange, while the72.68% stake held in Astra Asigurări is put at around 20 millioneuros. The two companies' shares were suspended from tradingyesterday at the request of the issuers.
Dan Adamescu is one of the wealthiest Romanians, with the twocompanies being among his most valuable assets. He could not becontacted for comment yesterday.
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