ESTAR (EST): ENEFI Romaniam legal disputes - raport 11

Raport bieżący nr 11/2014

Podstawa Prawna:
ENEFI Energy Efficiency Plc. (the “Company”) hereby notifies its reputable Investors in connection with the on-going legal dispute in respect of the Romanian operation:

The court decided in the legal process initiated by E-Star Centrul de Dezvoltare SRL (E-Star CDR) and Termoenergy SRL against Hargaz Hargita Gaz SA and Gospodarie Comunala SA that the appeal submitted by E-Star CDR claimant has to be approved by its liquidator, RVA MURES INSOLVENCY SPECIALIST SPRL.

Both the Company and E-Star CDR had been informed by the above referred decision of the fact that pursuant to the Romanian Ministry of Justice’s homepage E-Star CDR is under bankruptcy process, its liquidator had been appointed in person of RVA MURES INSOLVENCY SPECIALIST SPRL.

There hadn’t been any bankruptcy or liquidation processes initiated against E-Star CDR which is also supported by the company extract downloaded from the company register on 13 February 2014. On behalf of E-Star CDR’s request the liquidator also confirmed that it has no knowledge of being appointed.

E-Star CDR will immediately undertake the necessary actions for clarifying the situation but it cannot be excluded that the fact of registering the fact of bankruptcy – without any legal basis – in the official website registering the legal proceedings, operated by the Ministry of Justice, may cause significant damages to the company, especially that performance and sustaining the concession agreement by contractual parties may be questioned and day-to-day operation may fail because of “lack of executive officers and persons entitled for representation”.

The unprecedented legal situation may even result in freezing the bank accounts of E-Star CDR, may negatively influence the suppliers (e.g. fuel) performance and may hinder the fulfilment of payment obligations (e.g. trade debts, tax obligations etc.) or may even result in mass detaching from the central heating system because of the uncertainty of the situation which may separately endanger the operation of the company.

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