Fondul Proprietatea has filed an appeal against the court decision that previously refused to cancel the increase in the authorized capital of the Constanta Sea Ports Administration (CNAPM), Replica Online reported. The money was to be used to acquire the operator of the Giurgiulesti port in Moldova.
In March 2026, CNAPM shareholders approved a 281.6 million Romanian lei ($62.2 million) increase in the authorized capital to finance the $65 million deal. The decision was supported by the Romanian state, which owns 80% of the company’s shares.
Fondul Proprietatea argues that there was no need for additional financing because CNAPM had more than 880 million lei in its accounts at the end of 2025. Fondul Proprietatea also claims that there was no economic justification for the chosen financing scheme and possible risks in terms of EU state aid rules.
According to the fund, the acquisition of the Giurgiulesti port creates economic and legal risks for minority shareholders and may lead to the dilution of their share in the company.
On May 15, the court in Constanta dismissed the claim as unfounded, but on May 27, Fondul Proprietatea appealed the decision in the court of appeal.
