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Capital increase for 2009 most profitable front company rejectedUpdated: 30-08-2010 | Economy

The Brasov branch of the National Office of the Trade Register has turned down a RON 19 bln capital increase application by American European Marketing & Enterprises (AEME), HotNews reports. In 2009, the company posted a record profit of over USD 5 bln, equal to 2.5 per cent of Romania's GDP. The profit was on paper only and resulted from the issuance of additional shares.

AEME has attempted to raise its share capital by 7,800,000 shares the company bought from IAFE Inc, a company registered in the USA. However, the laws into effect stipulate that share capital increases shall only be made through capital injection or in kind. American European Marketing and Enterprises has its registered offices in the village of Fantana, commune of Hoghiz, Brasov County, in a peasant's house inhabited by two pensioners.

The company's main field of operations is the buying and selling of own real estate assets, yet the company has built nothing and its circulating assets only amounted to RON 760 last year.Coming soon!
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