Romanian tax agency orders Constanța port operator to distribute dividends amid legal dispute Romania’s National Agency for Fiscal Administration (ANAF) has ordered the state-controlled National Company for the Administration of Maritime Ports of Constanța (CNAPM) to distribute dividends worth RON 87.3 million from profits recorded in 2023 and 2024, along with late payment interest of RON 7.1 million, bringing the total claim to RON 94.4 million (EUR 18 million), Profit.ro reported. The move has triggered a legal dispute, with the port operator challenging the decision in court. ANAF based its demand on legislation requiring state-owned companies to distribute at least 90% of their net profits as dividends to shareholders, primarily the Romanian state, which holds an 80% stake in CNAPM.
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Romania’s National Agency for Fiscal Administration (ANAF) has ordered the state-controlled National Company for the Administration of Maritime Ports of Constanța (CNAPM) to distribute dividends worth RON 87.3 million from profits recorded in 2023 and 2024, along with late payment interest of RON 7.1 million, bringing the total claim to RON 94.4 million (EUR 18 million), Profit.ro reported. The move has triggered a legal dispute, with the port operator challenging the decision in court. ANAF based its demand on legislation requiring state-owned companies to distribute at least 90% of their net profits as dividends to shareholders, primarily the Romanian state, which holds an 80% stake in CNAPM. The agency argued that the company failed to comply with these obligations despite recording profits over the two financial years. CNAPM rejected the order, calling the interpretation of the legal framework abusive and warning of operational consequences. The company stated in its court filing that its shareholders, including the Ministry of Transport, had formally approved zero dividend distribution for both 2023 and 2024. It further argued that ANAF misapplied sector-specific legislation governing port operators. According to the company, the relevant legal provisions set a maximum dividend distribution threshold of 25%, not a mandatory payout level. CNAPM also cited a 2023 Constitutional Court ruling, which it says supports its interpretation and contradicts ANAF’s position. The dispute carries strategic implications beyond corporate governance. CNAPM warned that enforcing the dividend payment would undermine its financial capacity to proceed with the planned acquisition of the Giurgiulesti port in the Republic of Moldova. The transaction, approved through government memoranda, is estimated at USD 65 million. The Constanța port operator argued that diverting funds to dividends instead of investment would weaken its ability to expand regional operations and support Romania’
Published
May 5, 2026, 12:49 PM UTC
8d ago
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