Examples of Privatization Agreement in a sentence
The alleged misrepresentation relates to the transaction involving the sale of the shares of Nova Plama by EEH to PCL and the approval thereof given by Bulgaria in the Privatization Agreement and elsewhere.
Being still in a period of transition at the time of the conclusion of the Privatization Agreement, Romania and the Government of Prime Minister Isarescu, at that time in power in Romania, strongly supported the privatization process of State-owned enterprises.
Romania’s actions were motivated by a desire to revoke the effect of the Privatization Agreement between Romania and Noble Ventures, as a means of evading its liability arising from the Agreement.
It was SOF that concluded the Privatization Agreement concerning CSR with Noble Ventures.
On December 21, 2000, the day after the Trade Registry judge rendered a decision, Continent SRL informed AVAS that it had fulfilled its post-purchase investment obligation, in accordance with Article 8.10.1 of the Privatization Agreement, by way of a contribution in kind for a value of USD 1,400,000.
Respondent asserts that: (a) the value of the claimed investment was fraudulently inflated; and (b) the claimed investment was not made by Continent SRL’s “own sources”, as required under the terms of the Privatization Agreement.
The AVAS litigation seeks to enforce the Privatization Agreement against Continent SRL and to obtain relief specified in that contract, because Continent SRL failed to make the required investment.
Respondent alleges that such an adjustment contradicts the clear intention of the parties that Continent SRL should contribute USD1.1 million in 1999 and USD 300,000 in 2000 (Articles 8.10.1 and Annex 4 of the Privatization Agreement).
Article 8.10.2 of the Privatization Agreement states that the capital contribution “is deemed to be performed on the date of the registration at the Trade Registry of the increase of [Continent SA’s] capital by the subscribed contribution and fully paid by [Continent SRL]”.
The Privatization Agreement expressly stipulated that the investment would only be “deemed to be performed” once it had been “fully paid by [Continent SRL].” The Trade Registry judge made no finding as to whether Continent SRL complied with the investment requirements of the Privatization Agreement and is not competent to make such a finding.