The Management Company for Ownership in Energy (SAPE), public company which manages the state’s portfolio in the energy sector, has filed a lawsuit against Romanian electricity distributor Electrica seeking for 800 million euros in damages.
According to SAPE, these damages resulted from the fact that Electrica failed to monitor if the investors who bought its privatized subsidiaries fulfilled their post-privatization obligations. The 51 % initial public offering (IPO) of Electrica took place in June 2014, the company was listed in parallel on Bucharest and London Stock Exchanges and gathered a record amount of almost 450 million euros from the market.
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