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Fondul Proprietatea urges President Iohannis not to promulgate the Ports Law

Fondul Proprietatea has sent a letter to President Klaus Iohannis outlining several reasons that constitute, in the Fund's view, a strong basis for the non-promulgation of the recently adopted law amending the Government Ordinance on ports, as it presents a serious obstruction to the economic development of all Romanian river and sea ports.

2017-06-26 14:34:29

From a constitutional perspective, in the Fund's view, the ports law breaks multiple principles safeguarding the economic liberty, free market economy, freedom of trade, fair competition, as well as non-discrimination - as the law freezes the rents at the current minimum levels for the next ten years, favouring a limited number of port operators who will benefit from these tariffs.
"The law allows the set-up of a Supervisory Body which will have the power to judge over potential conflicts between port operators and port administrations, thus creating a substitute for Courts of Law, which is unconstitutional," a press release shows.

Commenting on the damaging potential consequences of the implementation of the Ports law, Greg Konieczny, CEO and Portfolio Manager of Fondul Proprietatea, added: "Our estimates reveal that, in the case of Constanta Port alone, losses incurred by capping rents at a ridiculously low level, established in relation to the tariffs currently paid by the top five operators, would amount to 26 million Euro over the next decade. These five operators occupy 37 per cent of the port's surface and concluded their tenancy contracts many years ago, by direct negotiations. Only around ten per cent of the leased surface in Constanta Port has been attributed in transparent circumstances, through public tenders. Based on these facts and the numerous provisions of the law favouring port operators, it is not difficult to note that this law is dedicated to port oligarchs who will keep money in their pockets that would otherwise flow to the Romanian state if rents would be set according to free-market rules."

Fondul Proprietatea urges President Klaus Iohannis to take into consideration the Fund's argumentation on the harmful impact of this law for the Romanian state and take a decision to either send the law to the constitutional court or for re-examination in the Parliament.



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