One of Romania’s largest investors into agriculture, Culita Tarata saw his company TCE 3 Brazi, which posted a profit of EUR 50 million in the last six years, going bankrupt, upon the company’s request.

The company also amassed a debt of EUR 30 million. When contacted by the media, Tarata, who is also the president of the Neamt county council, said he has had health issues and does not know what happens with the firm.

TCE 3 Brazi had some 57,000 hectares of land in the Insula Mare a Brailei (Braila Island) near the Danube, which was rented from the state until two years ago. But the firm still has to pay some EUR 22 million in rent to the state for the years 2002 to 2007, plus penalties.

Two years ago, another company, Agricost, won the lease contract for farming in the area, and the media says the new company is controlled by a businessman with close ties to Tarata, suggesting the businessman has in fact moved business from one company to the other, and bankrupt the first.

editor@romania-insider.com