EBRD moves to “enforce rights” with regard to Giurgiulesti port in Moldova

By bne IntelliNews March 23, 2021

The European Bank for Reconstruction and Development (EBRD) announced in a statement that it “is enforcing rights under its financing and security documents” with regards to the shareholding of Dutch-registered Danube Logistics Holding BV in Danube Logistics (MD), the operator of Giurgiulesti International Free Port in Moldova.

In the first statement on March 3, the EBRD said that it intends to fight a legal decision to impose external administration over the assets of Danube Logistics (MD).

Moldovan bailiff Roman Talmaci has appointed a new manager at Danube Logistics (MD), following a court decision in favour of Retail Bemol owned by Azeri businessman Rafiq Aliyev and against the final beneficiary of the Moldovan company — former EBRD banker Thomas Moser. The port operator is currently controlled by Moser through Dutch-registered investment vehicle Danube Logistics Holding BV. Moser also served as general manager of Bemol, and he was sued by Bemol’s owner over his actions in this capacity.

The EBRD said in its statement that it commenced enforcement action on March 18, 2021, with the “aims to ensure the uninterrupted operations and ongoing expansion of Giurgiulesti International Free Port and to safeguard the EBRD’s financial interests in the project.”

The “financial interests in the project” are related to the fact that the EBRD is the economic beneficiary of the operations in the port, as per the deal agreed by Moser in 2011 when he passed Danube Logistics (MD) from Bemol’s ownership under the control of his own Dutch-registered Danube Logistics Holding BV, with financing from the EBRD.

The EBRD said that it is now seeking to prevent any attempt at redirecting funds out of Danube Logistics as a result of the external administration imposed on the company, due to concerns that it will put the company in severe financial difficulties.

The Supreme Court of Justice in Moldova rejected, at a hearing on February 3, the appeals by the EBRD, Danube Logistics (MD) and Danube Logistics Holding (The Netherlands) against a decision by which Moser and Ala Aydov (former managers of Bemol) were obliged to pay Bemol Retail damages of MDL177.4mn (€9mn).

The EBRD considers the appointment of a new manager as an interference with the running of the company, having a direct negative impact on its ability to continue to operate and repay its debts, as well as conflicting with EBRD’s legitimate interests as a lender holding security over the shares in Danube Logistics and as an economic beneficiary of those shares.

The EBRD argued that it has supported Danube Logistics’ development of Giurgiulesti International Free Port since 2005. As of today, the EBRD is Danube Logistics’ largest creditor as well as the main beneficiary of Danube Logistics Holding BV’s shareholding in Danube Logistics (MD).

Giurgiulesti International Free Port is Moldova’s only sea-river port located on the river Danube. On average, the port facilitates the international trade of Moldovan companies with more than 50 countries every year.

Related Articles

Moldova’s largest lender maib puts Bucharest exchange listing on hold

The largest bank in Moldova, Moldova Agroind Bank (main), announced it is postponing its plan to list on the Bucharest Stock Exchange (BVB) because certain provisions in Moldovan legislation make the ... more

bne IntelliNews Southeast Europe Outlook 2024

This Southeast Europe Outlook 2024 has been prepared by bne IntelliNews as part of a series of annual reviews providing updates on the geopolitical, macroeconomic and commercial state of ... more

Addiko Bank AG receives stable outlook from Fitch Ratings

Fitch Ratings has assigned Austria-based Addiko Bank AG a Long-Term Issuer Default Rating (IDR) of 'BB' and Viability Rating (VR) of 'bb' with a stable outlook. ... ... more

Dismiss