Mediafax Group officially enters insolvency

Newsroom 17/12/2014 | 09:00

Mediafax Group, owned by media mogul Adrian Sarbu, has officially entered insolvency, according to the ruling of The Bucharest Court, after submitting an official request.

The Bucharest Court has nominated KPMG Restructuring as temporary legal administrator, with a fee of RON 5,000, according to paginademedia.ro.

Mediafax Group requested its own insolvency on November 27. The company is being investigated under accusations of tax evasion and money laundry.

Mediafax Group. which includes Mediafax newswire, the Gandul.info website, the magazine Business Magazin and the business daily Ziarul Financiar, posted in 2013 a turnover of EUR 17.5 million and losses of EUR 2.6 million.

This is the last in a series of financial problems that Mediafax Group has been going through lately.

In September, Mediafax Group clients received notifications from The National Agency for Fiscal Administration (ANAF), in which the authority informs them it has placed levy on their accounts, due to the debts that Mediafax Group must pay to the Romanian state.

Also, Orlando Nicoara, head of Mediafax Group resigned from Mediafax Group, effective starting January 1, 2015.