Holcim Romania seeks compensation from the EU

 

Bucharest, July 24, 2012 - Holcim Romania has filed a court claim against the EU with the purpose to obtain financial compensation for the loss suffered due to the theft of its emissions allowances out of the Romanian CO2 registry in 2010.

Holcim Romania is of the opinion that the EC is liable for not having blocked the stolen allowances and for not having timely provided to the relevant law enforcement authorities the necessary information for limiting the damage and tracing the criminals.

Shortly after the theft, the EC was informed by the Romanian registry operator about the irregular transfer. Moreover, in November 2010, Holcim requested the EC directly to limit further damage by freezing the stolen EUAs and by blocking the registry accounts of the operators that handled these. The EC did not respond according to Holcim request. However, in January 2011, the EC temporarily closed all national registries across the EU because of multiple thefts and acknowledgment of IT system security weaknesses. Because of the EC’s lack of action in Holcim case, Holcim’s stolen allowances changed hands in the market multiple times, thus making virtually impossible for Holcim to recover them from the market.

Holcim management has a responsibility towards its shareholders to defend the rights of the company and therefore has to seek compensation for the damage it suffered due to acts or failures to act by a third party.

Holcim Romania filed the claim against the EU after undertaking numerous attempts to solve the problem in an amicable way. The company seeks to obtain financial compensation for the market value of the outstanding stolen allowances at the time of the theft (15 EUR a piece). The total value of the compensation is of EUR 15 million plus interest, plus costs.