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Enel’s Slovak Unit Is Raided in Search for Privatization Files

July 23 (Bloomberg) -- Slovak police raided the offices of Enel SpA’s local unit, searching for documents dating from the period when the country sold its largest power generator to the Italian utility.

Police searched the office of Slovenske Elektrarne AS today, seizing documents from “the privatization era,” Economy Ministry spokeswoman Miriam Ziakova said by phone today. Enel’s spokeswoman, who asked not to be named because of company policy, said the utility doesn’t know the reason for the raid and is fully co-operating with police and prosecutors.

Enel bought its 66 percent stake in Bratislava, Slovakia-based Slovenske in 2004 for 840 million euros ($1.13 billion), beating an offer by Czech utility CEZ AS. As part of the transaction, the Italian company also pledged to finish building two additional reactors at the Mochovce nuclear plant.

Slovak Prime Minister Robert Fico, an opponent of asset sales made by previous administrations, has criticized Enel for delays in the project and cost overruns. Enel said on July 10 it will seek to sell its Slovak and Romanian assets to reduce its debt by 4.4 billion euros. The Slovak state owns the remaining 34 percent in Slovenske.

To contact the reporter on this story: Radoslav Tomek in Bratislava, Slovakia at rtomek@bloomberg.net

To contact the editors responsible for this story: James M. Gomez at jagomez@bloomberg.net Michael Winfrey, Andrea Dudik

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