According to the data published in Decision to the insolvency court, GMG Production “has a debt/payment obligation towards Finpar Invest SRL in the amount of 24.8 million lei, a fact confirmed both by the verification act and by the fiscal invoices issued and signed”.
The decision states that GMG Production was summoned by Finpar Invest to extinguish/pay the mentioned debt in full, but it did not do so.
In addition, at the end of March 2023, GMG Production also owed 1.2 million lei to the national public budget. According to the decision, GMG Production does not own real estate, but owns 18 means of transport. “According to the information received, it appears that in the debtor’s bank accounts there are no financial means/goods available for payment with potential creditors,” the document states.
Data from the company’s financial reports, specialized in the production and broadcasting of television and radio programs; cinematographic, video and television program production activities, etc., show that it was operating at a loss and at the end of 2021 accumulated current liabilities of around 141 million lei, while the assets were only 42 million lei.
Consequently, the court removed Sergiu Latîş from the administration of GMG Production and appointed Anatolie Gîndea as insolvency administrator.
Previously, the prosecutors imposed a seizure on the social capital of GMG Production, estimated at 10.8 million lei. GMG Production SRL (it is the production house for Plahotniuc’s televisions), which is controlled through the offshore Blue Sound Investments Limited from Hong Kong, is part of the media empire built by Vladimir Plahotniuc, which includes several television and radio stations united under the umbrella of General Media Group.
