Privatisation of Romanian post fails to deliver

(BUCHAREST) - The privatisation process for the Romanian postal service as required by the IMF has failed to attract a single bidder, the chief executive said on Monday.

"So far, not a single investor has emerged," the executive Ion Smeeianu said as cited by the Mediafax news agency.

The deadline for buying the specifications for the tender passed on Tuesday.

Romania has made a commitment to the International Monetary Fund and the European Union to speed-up the privatisation and the sale of its holdings in loss-making companies.

The postal service lost about 40 million euros ($52 million) in 2011 on turnover of 280 million euros, on the basis of an audit accessible on its website.

The state owns 75.0 percent of the service, and the remaining 25.0 percent is owned by Fonds Proprietatea.

The business employs slightly more than 32,000 people.