The Bucharest City Hall has sued the local company Apa Nova, which supplies water and sewerage services in Bucharest, for being late with the payment of dividends.

The Bucharest City Hall has a stake of 16.3% in Apa Nova, which is controlled by French group Veolia.

The authorities have asked for penalties for the late payment of dividends from the company’s 2012 profit, reports local Profit.ro. The company made a net profit of EUR 26.2 million that year. The turnover was EUR 150.6 million.

If the company had distributed its whole profit, the Bucharest City Hall should have received about EUR 3.6 million as dividends. However, the municipality hasn’t mentioned in its court action how much it should have received as dividends.

editor@romania-insider.com