Court ruling on Hidraelectrica management calls into question IPO planned this year

摘要

A March 6 court ruling invalidating the selection of Romanian state-controlled hydropower group Hidraelectrica’s management in 2019 has called into question the company’s IPO planned later this year. The Court of Appeal rejected Hidraelectrica’s appeal to a lower court’s ruling issued in April 2022 in the case of the former Hidraelectrica CFO Petronel Chiriac who challenged the legality of the selection procedures for the company’s Board of Directors in 2019.