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Romanian authority sues Cross Lander

Vineri, 17 martie 2006, 0:00

The Romanian Authority for State Assets Recovery (AVAS) has announced it decided to take Cross Lander USA Inc. to court to force it pay penalties estimated at 2.7 million US dollars.

AVAS argued the measure was necessary as Cross Lander dodged a clause in the privatization contract of Romanian car maker Aro meant to prevent the American buyer from selling its property rights over Aro assets for five years.

Cross Lander has sold a factory included in a document of the privatization contract that listed the Aro assets.

AVAS has requested Cross Lander to take part in talks to solve the penalty issue in a friendly manner, but the meeting on February failed to produce any result.

Romanian media has repeatedly reported that Cross Lander breached the privatization contract related to the struggling Campulung, Romania-based Aro company.

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