EBA Moldova is following with great concern the latest developments regarding Danube Logistics SRL, the owner and operator of Giurgiulesti International Free Port, the only port of the Republic of Moldova.
We strongly disapprove of the order of a bailiff in Chisinau on February 25th 2021 who arbitrarily appointed a third party as administrator of the company against the shareholders' will and interests, by providing for an extremely dangerous and unprecedented interpretation of legal provisions. This is part of a concerted attack against the company and its shareholders who see themselves placed in the impossible position of defending their investment against unproven and baseless financial claims with the sole aim of taking control over the company from its shareholders.
This is only the latest of a series of similar actions against the company having the same ultimate goal, of expropriation of the current shareholders of their investment, including EBRD who is the primary economic beneficiary of the company.
If such actions are not prevented by the Moldovan judicial system, a precedent will be established with respect to legal interpretations by courts of provisions that, instead of ensuring a safe and healthy economic and commercial business environment, create the premises for abusively dispossessing and expropriating investors of their ownership in Moldova having a severe negative impact on the business climate. We urge the Moldovan Justice System to uphold the rule of law and to protect the property rights of European investors.
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