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AVAS revokes Romanian medicine factory privatization

de Alina Comanciu
Miercuri, 27 februarie 2008, 23:13 English | Business

Romanian Authority for State Assets Recovery (AVAS) will revoke the privatization offer of the Romanian medicine factory Antibiotice Iasi, government officials inform on Wednesday. The announce was made shortly after the executive voided the decision regulating the privatization method of the company.

Two days ago, AVAS sent a press release regarding the government's intention to void the decision but argued that the factory's privatization will continue, following the same method as stipulated in the privatization law.

The government's decision was taken after a local justice court ruled in favor of the factory union members that imposed some conditions in case the factory is privatized.

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