Societatea Feroviara de Turism, which has been in insolvency since 2013, has entered bankruptcy.
The former directors of Societatea Feroviara de Turism, Luminita Gliga and Aurelian Udor, have been sent to trial for abuse of office, being accused of causing a prejudice of nearly 2.7 million EUR after, through the foreclosure procedure for the non-payment of a sum of nearly 200,000 RON to a law firm, Hotel Astoria in Bucharest was auctioned and sold to a company for 9 million RON, while the real value of the building was allegedly 16 million RON.
At the end of 2017, the Ministry of Transport, which fully controls the company, became a civil party to recover the prejudice considered to have resulted from the foreclosure for non-payment of invoices by Hotel Restaurant Astoria.
SFT – CFR SA is a joint-stock company operating under the authority of the Ministry of Transport and manages assets owned by the state. Last year, the company, with about 40 employees, had a turnover of 2.3 million RON and a loss of nearly 7.5 million RON.
Source: Profit
Frequently Asked Questions
What is the current status of Societatea Feroviara de Turism?
After being in insolvency since 2013, Societatea Feroviara de Turism (SFT) has officially entered bankruptcy.
What legal issues are associated with SFT’s bankruptcy?
Former directors face trial for abuse of office regarding the sale of Hotel Astoria at an undervalued price, causing a 2.7 million EUR loss.
Who manages SFT – CFR SA?
SFT is a state-owned joint-stock company operating under the authority of the Romanian Ministry of Transport.