Tehnologica Radion, one of the largest local construction companies in Romania, filed for insolvency on September 4, according to data from the Bucharest Court. The court will rule on the company’s request on September 15.

The request came a few weeks after Theodor Berna, the company’s administrator and one of its main shareholders, was arrested in a tax evasion and money laundering case. The damages in this case are estimated at some EUR 100 million.

Theodor Berna is one of the local so-called “asphalt kings” as his company has obtained many road building contracts from state authorities, most of them during the PDL administration.

Tehnologica Radion is among the largest ten construction companies in Romania. Last year, it had a turnover of EUR 80 million and a net profit of almost EUR 1 million, according to data from the Finance Ministry. It employed about 2,000 people.

Back in 2010, the company had a turnover of EUR 140 million and almost EUR 10 million net profit.

The company’s total assets were EUR 161 million, at the end of December 2013, while its total debt was EUR 87 million.

editor@romania-insider.com