Audit reveals 1.8 billion lei in irregularities for state loans via Eximbank

A scathing report from the Prime Minister's control body has exposed serious mismanagement and irregularities in the allocation and administration of state-backed loans, amounting to nearly 1.8 billion lei, through Eximbank. The findings cast a shadow over the financial dealings with major companies like Liberty Galați SA and Electrocentrale Craiova, raising questions about transparency and adherence to financial protocols.

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Corpului de control al prim-ministrului a descoperit nereguli semnificative în modul de acordare și administrare a unor credite de stat în valoare totală de aproape 1,8 miliarde lei, prin Eximbank, către companii precum Liberty Galați și Electrocentrale Craiova.

The audit meticulously detailed how a 708 million lei loan to Liberty Galați SA in December 2023 was approved outside the established norms of the Interministerial Committee for Financing, Guarantees, and Insurance (CIFGA). Inspectors noted that risks were either downplayed or based on outdated information, and crucial requirements, such as the establishment of collateral, were not fully met. Furthermore, contract extensions were reportedly granted without the necessary approvals, and a portion of the borrowed funds was used to settle outstanding debts and pay suppliers, deviating from the stated purposes of the financing.

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Inspectorii au constatat că riscurile au fost subevaluate sau prezentate pe baza unor informații neactualizate la momentul deciziei, iar obligații esențiale, precum constituirea garanțiilor, nu au fost respectate în totalitate.

Further scrutiny was applied to a 750 million lei loan to Liberty Tubular Products Galați SA in 2024. The report highlights deficiencies in the structuring and utilization of these funds, including the signing of a monitoring contract without prior Exim approval and the failure to incorporate warnings about the group's high risks into subsequent decisions, thereby increasing the risk of default. Alarmingly, monitoring costs were covered by the loan itself, and approximately 52.5 million lei in payments were deemed non-compliant, covering expenses like salaries, IT services for a Belgian subsidiary, payments within the group without justification, and advances for raw materials without proof of delivery.

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Verificările realizate împreună cu ANAF arată că o parte din sumele împrumutate au fost utilizate pentru plata datoriilor restante și a furnizorilor, nu exclusiv pentru scopurile inițiale ale finanțării.

In the case of Electrocentrale Craiova SA, Eximbank extended a state-guaranteed loan in 2024 based on a planned capital increase of around 300 million euros for 2025, which ultimately did not materialize. Of the over 331 million lei credit, the company has only repaid about 82 million lei, leaving a substantial outstanding balance. The failure of the capital increase is attributed to significant losses incurred by the company. These revelations, as reported by Adevărul, point to systemic issues in the oversight and management of state financial instruments, demanding accountability and corrective measures.

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În cazul Electrocentrale Craiova SA, Exim a acordat în 2024 un credit garantat de stat, structurat pe baza unei majorări de capital de circa 300 milioane euro prevăzute pentru 2025, care însă nu a mai fost realizată.