BURSA 21.03.2014

ADINA ARDELEANU (Translated by Cosmin Ghidoveanu)
 
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     Dragoș Bîlteanu, the CEO of SIF1 Banat-Crișana, is considering disputing the rulings of the Financial Oversight Authority (ASF), which determined that the parties of the group which comprises Dragoș Bîlteanu himself, El Lakis Najib and the companies Romenergo, Smalling and Gardner (registered in Cyprus) was acting in concert.
     ASF has forced the shareholders which presumably were acting in concert at SIF Banat-Crișana to sell 6.72% of the shares of the company and to therefore abide by the holding cap of 5%, within three months.
     Also, the ASF has decided to restrict the voting rights of the group in question.
     When asked if he was considering challenging the decisions of the Authority, Dragoș Bîlteanu told us: "Yes. Because this creates by default a new abusive rule - namely that the members of the Board of Directors of a SIF are implicitly and definitively considered to be acting in concert. That would mean that if two shareholders each have a representative on the Board of Directors of a SIF, from the moment the latter are appointed, the shareholders in question are acting in concert and they have to reduce their holdings. Or in other words, to make a long story short, all the shareholders that will vote to elect the members of the Board of Directors will no longer have the ability to hold more than 5% after that".
     When establishing the acting in concert, the ASF took under consideration the fact that Smalling Limited and Gardner Limited bought SIF Banat-Crișana shares using money borrowed from Cahuita Limited.
     The real beneficiary of Cahuita Limited is Ali H. Lakis of Lebanon, according to information provided by the Financial Oversight Authority in Cyprus and obtained with the help of Bank of Cyprus, the decision by the ASF states.
     Ali H. Lakis is also a member of the Board of Directors of SIF1, and Najib El Lakis and Dragoș Bîlteanu have announced themselves as insiders of "Romenergo".
     According to information provided by the ASF, Gardner Limited holds 3.21% of the shares of SIF1, and Smalling Limited holds 3.94%.
     The decisions of the ASF come just a few weeks after the Authority levied fines of 70,000 lei against Swiss Capital, for the failure to report trades involving SIF 1 shares, which are suspected of having allowed the manipulation of the market, made by one of the customers of the brokerage firm, performed in September 2013. The price of SIF1 shares rose spectacularly in the last minutes of the session of Friday, September 13, 2013, and on Monday, September 16th, 6.27% of SIF1 exchanged hands at a price that was 14% higher.
     When asked whether Smalling Limited or Gardner Limited have acquired shares of SIF1, in September, the representatives of the ASF told us: "The identity of those who have conducted trades on September 16th, 2013, traded which were the object of an investigation by the ASF, is not public. We remind you that, following that investigation, the ASF has uncovered clues of regulation infringement and decided the appropriate measures. The ASF also levied sanctions against the representatives of the brokerage firm which intermediated those suspicious trades for failing to report them".
     In a recent interview granted to BURSA, ASF vice-president Mircea Ursache told us that the Authority no longer has any duties in sanctioning market abuse and manipulation. Starting with February 1st, 2014 - together with the coming into effect of the new Criminal Code - these offenses can only be tried by the DIICOT.
     Mr. Ursache did not outright say that the prosecutors have been notified about the trades involving SIF1 shares, but he did make the following statement: "The DIICOT has been notified, in every case which the Oversight Department has reported to our market abuse division, to which it considered the new legislation was applicable, after their review".
     Dragoș Bîlteanu told us that he has no information concerning the holdings of Smalling Limited and Gardner Limited or whether any of those companies bought the blocks of SIF1 shares which were traded on September 16th, 2013. 
 

 
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Aceeasi sectiune (English Section)
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
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English Section
12.12.2017
AFTER BEING INVESTIGATED BY THE TAX ADMINISTRATION AND THE ANPC, BANKS GET INVESTIGATED BY THE COMPETITION COUNCIL
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     * Dan Suciu, NBR: "The audits of the Competition Council can't be a reason for panic whatsoever"
     * Unannounced audit at Finmedia
     * The investigated institutions are at risk of being fined 10% of their turnover
     * Vasilescu: "The NBR has nothing to do with these investigations"
       The financial banking system seems to be the focus of most of the investigation entities. After being audited by the National Tax Administration Agency (ANAF) and by the National Consumer Protection Authority (ANPC), some of the banks which operate in Romania have also been investigated by the Competition Council (CC).  details
11.12.2017
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     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
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06.12.2017
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     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
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23.11.2017
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20.11.2017
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     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
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     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
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