Business in Romania blog: Doing business in Romania and business issues

The business in Romania blog writes about the Romanian business landscape, doing business in Romania, investing in Romania business and debating on business issues in Romania. Check this Blog's Policy here.

Sitemap | Feedback | Doing Business in Romania report | Opening a Business in Romania | RSS for this Blog

Monday, January 10, 2005

Cross Lander claims to have made all investments stipulated in the privatization contract

The US-based Cross Lander, the owner of the Romanian off-road carmaker ARO, claims to have made the investments stipulated in the privatization contract, thus contradicting the statements by top officials of The State Assets Resolution Authority (AVAS).

Cross Lander CEO John Perez said in a media release that Cross Lander had fulfilled its obligations and even exceeded the pledged 3.6 mln USD in investments for the first year of operation.

He said Cross Lander had invested over 12 mln USD in ARO by December 2004 and invited AVAS to send auditors to the Cross Lander head office in The U.S. to verify.

But in fact ARO has been cut off from the power grid for overdue bills and its employees have been sent home.

Posted by Iulia Rasoiu : 1/10/2005 09:42:00 am