TeraPlast discovers illegal actions within its steel subsidiary, announces investors

TeraPlast has informed its investors that during some internal reviews, some suspicions came to light regarding the existence of certain illegal actions within its subsidiary, TeraSteel Romania. Following these suspicions, all necessary measures were undertaken in order to ensure the cessation of the fraudulent activity and the recovery of all potential damages incurred by TeraSteel, a release shows.

Thus, the employment agreements of two employees were terminated, TeraSteel filled a criminal complaint and will make use of all procedural means available in order to recover all damages.

“The company will cooperate in a transparent manner with the criminal investigation bodies which are the only ones able to determine all the responsible entities and their participation level so that TeraSteel can undertake effective means of recovering the damages. This event will not alter the parameters of the recently announced transaction,” the company said.