The Authority for State Assets Recovery (AVAS), a key body in the privatisation of Romania's state-controlled company, announced on Thursday that it has laid off 155 employees - or a third of the total payroll - as part of its restructuring and reorganisation process.

AVAS said in a press release that the process, launched in December 2009, eyes a 48% reduction of the number of employees and a 60% reduction of the average salary.

It said the measure was applied starting May 31, when a new organisational structure was enforced. 13 management jobs were cut as part of the process.