CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
CRISTINA CHIRIAC:
BURSA 15.03.2017

Recorded by ANCUȚA STANCIU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     WTCB was created in 1994, as a joint Romanian-French company, in which the Romanian party held 55% of the shares. The World Trade Center București complex also includes the 4-star Pullman hotel, which is part of the Accor international network. World Trade Center București is a member of the World Trade Centers Association since 1994.
     In June 2011, the County Court of Bucharest opened the insolvency proceedings for WTC România in order to protect it from a historic debt of 40 million Euros. That debt originates from a syndicated loan taken out in 1992-1994 from three French banks. For that loan, Credit Lyonnais, BNP Paribas and Societe Generale have asked for a sovereign guarantee from the state, according to Mircea Ursache, former CEO of WTC. The state the equivalent in lei of more than 110 million lei, in service of the WTCB debt, which made WTCB a debtor to the state. In 2014, bankruptcy trustee Euro Insol was replaced with Valor SPRL.
     The main shareholders of WTCB were initially French company Bouygues, Swiss firm Debarth and the former Bancorex, all of them with stakes slightly above 20%. In the following years, WTCB lost The French Village and the French Club, which were acquired y General Council of the City of Bucharest for approximately 15 million dollars.
     Since then, the shareholder structure of World Trade Center has come to include the Proprietatea Fund (19.9%), the Romanian Chamber of Commerce (6.27%), the Mayoralty of Bucharest (5.15%) and Tarom (2.6%), together with Bouygues Batiment International (21,51%), Debarth SA (20,23%), Financiara SA (7,91%), Astra SA (5,78%), TC Carpați SA (3,43%) or SIF Muntenia (2,68%).
     Last week, Mrs. Cristina Chiriac was awarded a final and irrevocable ruling in her lawsuit against WTC București, and the court ruled that she should be reinstated as general manager, after she was dismissed in 2014. She granted us an interview about the current situation of WTC București.
     Reporter: Please tell us how you were dismissed and why?
     Cristina Chiriac: In 2014, immediately after the end of the company's biggest event - the World Trade Center General Shareholder meeting - which was attended by WTC representatives from all over the world, I was dismissed by special administrator Pavel Avrămoiu, without any prior notice or justification, and in violation of the legal provisions of the Labor Code.
     Mr. Pavel Avrămoiu was special administrator at the time. He had been challenged by the trustee in bankruptcy of WTCB SA, Euro Insol, respectively, for discrepancies in his activity of special administrator.
     According to the law of insolvency, a company in that situation, during the observation period, can have a special administrator appointed upon the shareholders' proposal. It also needs to be said that the special administrator takes over the roles of the Board of Directors. The special administrator and the trustee in bankruptcy manage the operations of the debtor together.
     Reporter: Who appointed Mr. Pavel Avrămoiu?
     Cristina Chiriac: Pavel Avrămoiu was proposed by the mayoralty of Bucharest, at the time when Sorin Oprescu was the general mayor of Bucharest, and Mr. Avrămoiu was his personal advisor. He was elected by the shareholders in 2012 as special administrator of World Trade Center and then he was suspended, due to conducting activities that violated his mandate. I remember that his suspension was decided by the syndic judge at the time, following a trial.
     I was hired later, in 2013 by the trustee in bankruptcy, Euro Insol, respectively, who was replaced in 2014, by syndic judge Mircea Moldovan, upon the request of some of the creditors.
     Reporter: Which creditors?
     Cristina Chiriac: I think we are talking about the mayoralty of Bucharest, which plays a double part, both as a shareholder, and as a creditor.
     After Euro Insol was replaced I have continued my activity within the company. At that time I was organizing the most important event that WTCB was involved in, the general meeting of the WTC association, which means that Romania hosted the annual meeting of all the WTC organizations in the world.
     The next day after the event was over, I came in to work in the morning and the secretary brought me the decision with my dismissal. If the two administrators were real "men" they shouldn't have waited for the end of the event, they could have fired me ahead of it.
     Reporter: Did you have a contract?
     Cristina Chiriac: I had an individual employment contract, according to the law. I was not hired with a mandate contract, I was dismissed illegally, which I have proven in court definitely and irrevocably.
     Reporter: What justifications did the special administrator provide?
     Cristina Chiriac: None. The day I received the decision of my dismissal, I had to clear my desk. I took all my personal belongings and I was not asked to conduct a procedure of transferring the responsibilities to my successor. Perhaps they knew I'd be back.
     I was simply fired and required to leave the institution on the same day. I challenged that decision in court and after more than three years, I earned the right to be rehired on that position.
     Starting with November 1st , I returned to World Trade Center as general manager.
     Throughout all this time, Mr. Pavel Avrămoiu, the special administrator, managed the activity of the company, managed the activity of the company, but did so in a very strange manner. I've seen documents he's signed both as general manager, as well as manager - invoking a management contract between himself and Valor SPRL (the current trustee in bankruptcy) - as well as special administrator.
     Reporter: Was he allowed to do that?
     Cristina Chiriac: That will be up to the court or the competent entities of the state to decide. All I can say is that I have seen that kind of documents and that they exist. My statements can be proven.
     What I find even stranger is that Mr. Pavel Avrămoiu argued in his argumentation in court that I was fired for financial reasons, but during all this time, the special administrator or the manager made hirings that were not justified from a financial point of view. For example, in the position of advisor to the manager was appointed Dragoș Bîlteanu, former president of SIF Banat - Crișana.
     I wonder: why did the manager feel the need to hire, most likely for a large wage, Mr. Dragoș Bîlteanu, a person involved in the shareholder structure of SIF Banat Crișana. Is it because that company controls SAI Muntenia Invest which is the manager of SIF Muntenia, and the latter is a shareholder in WTC?
     Reporter: So SIF Muntenia is a shareholder in World Trade Center?
     Cristina Chiriac: Yes. The fact that Mr. Dragoș Bîlteanu was hired as advisor to Mr. Avrămoiu can create reasonable suspicions concerning the ties he still has with people from the management of SIF Banat Crișana. The son of Mr. Pavel Avrămoiu is a member of the executive structure of SIF1 and sometimes had meetings with Mr. Bîlteanu at the WTCB, during that time.
     Reporter: Maybe he isn't hired on a full time schedule.
     Cristina Chiriac: As a general manager, I wrote to Mr. Pavel Avrămoiu and to the trustee in bankruptcy a letter requesting an explanation for the hiring of Mr. Dragoș Bîlteanu. I received an answer two days ago which said that it wasn't my job to ask that kind of questions.
     Reporter: Are you sure he works at WTCB SA?
     Cristina Chiriac: I am sure he is!
     Reporter: Perhaps he works pro-bono at WTCB SA because he probably has enough money.
     Cristina Chiriac: According to the law, labor has to be compensated. If you are hired, you can't come in and work pro-bono. You have to make some money. Therefore this reasoning doesn't work.
     Reporter: But you didn't personally see Mr. Dragoș Bîlteanu together with Mr. Octavian Avrămoiu.
     Cristina Chiriac: All of the employees saw them go in and out of the hotel one after another. It would have been ridiculous for them to invite me to their talks, which I wouldn't have participated in anyway.
     Reporter: What will you do from now on?
     Cristina Chiriac: I have been reinstated as managing director in November, according to the ruling of the court, and I had to take over all my duties, but strangely, once again a coincidence, Mr. Pavel Avrămoiu changed the organization structure in such a way that my roles have been reduced or restricted. Since November and up until this day, I did not have access to all the documents of the company.
     Reporter: Shouldn't a management discharge be performed?
     Cristina Chiriac: I wasn't asked to do that. Furthermore, I can tell you that the latest decision made by Mr. Avrămoiu was to ban me from speaking publicly about the activity of World Trade Center.
     Reporter: And yet you have agreed to grant us this interview, you are violating his directive.
     Cristina Chiriac: I am speaking out now because I want for the company to make a recovery. I am speaking about an abuse, about an illegality. In the beginning of my work as CEO of WTC, the company's profit rose 1 million Euros, the occupancy rate of the retail gallery exceeded 90%, the occupancy rate of the office spaces had surpassed 70%. The numbers are approximate.
     All of these things have been published in the activity reports of the former trustee in bankruptcy. I can tell you on the other hand that in November, when I was reinstated at World Trade Center, I found drastic differences concerning the occupancy rate of the retail gallery or of the office spaces.
     Reporter: We received a notification, from a former employee of World Trade Center, that you have been fired again.
     Cristina Chiriac: I wasn't notified of this. I have been informed that there is an initiative of the special administrator to fire certain employees. I am curious, like any woman, to find out if that will include Mr. Dragoș Bîlteanu, who never comes in to work, or only does so every now and then, and who has some secret duties, that I, as general manager, know nothing about. I suspect that he is the person that Mr. Avrămoiu trusts the most because during his leave he delegates the entire activity of the company to the advisor.
     Reporter: Are you referring to Dragoș Bîlteanu?
     Cristina Chiriac: Yes, I am referring to Dragoș Bîlteanu. There are those documents. One of them says: "Between June 15th and June 24th 2016, in my absence, Mr. Dragoș Bîlteanu, advisor to the General Department, will be allowed to sign, if needed, in my name, the following documents: the mail of the company, cash advances, reimbursement requests, procurement requests and/or other contracts, orders strictly within the limits of the approved budget, holiday leave requests, documents pertaining to the activity of the Pullman hotel, any other documents for the normal functioning of the World Trade Center București and Hotel Pullman with the exception of payments made from the company's bank accounts. All the employees, including the management of World Trade Center and Hotel Pullman will comply with the requests promptly. No information will be supplied to the third parties without prior approval from advisor Dragoș Bîlteanu. Signed, Pavel Avrămoiu, manager".
     Reporter: What is the subordination/coordination relationship between the trustee in bankruptcy, the special administrator and the general manager?
     Cristina Chiriac: I would like to make a clarification: even if a company is insolvent, the provisions of the law no. 31/1990 concerning companies continue to apply. Thus, the moment a company files for insolvency and has operations, the special administrator can't take over the roles of the general manager as well. The law no. 31 of companies states that any company is led by a general manager. For now, the law does not recognize the term of manager or any other title as replacement for general manager.
     The provisions of the law of insolvency state that the special administrator must be paid by the shareholders. In other words the compensation package of the special administrator must be borne by the shareholders. At World Trade Center, there is an anomaly happening. The special administrator is paid out of the debtors' assets. And what's more, that special administrator has two positions: special administrator and manager, I wonder if he gets two salaries as well?
     Reporter: What percentage does the Mayoralty of Bucharest hold?
     Cristina Chiriac: A significant percentage, but it is on the creditors' committee together with the Finance Ministry. We are talking about public funds, we are talking about the effectiveness of a special administrator who manages a company with large debts towards the state.
      Reporter: Who is the biggest creditor?
     Cristina Chiriac: The Romanian state, through the Finance Ministry.
     Reporter: What do you intend to do from now on?
     Cristina Chiriac: My intentions are to fulfill my obligations.
     Reporter: Did you win in court the right to be paid the wages for the duration of the lawsuit?
     Cristina Chiriac: On that issue we are still in court, there is a hearing scheduled in April. It is simply a matter of time.
     Reporter: Thank you! 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
Actualitate - vezi toate știrile mai jos.
Piaţa de Capital, 19:44
     Raport tranzacționare ATS 25.09.2017  detalii
Piaţa de Capital, 19:42
     Raport tranzacționare BVB 25.09.2017  detalii
Companii-Afaceri, 19:28
FPTR:
     Prim-vicepreședintele executiv al Federației Patronatelor din Turismul Românesc (FPTR), Dragoș Răducan, susține că anul viitor tarifele de cazare pe litoral ar putea crește cu cel mult 5 la sută în vârf de sezon, în timp ce prețurile pentru capetele de sezon ar putea rămâne nemodificate.  detalii
Politică, 19:19
     Ministrul pentru Mediul de Afaceri, Comerț și Antreprenoriat, Ilan Laufer, însoțit de ambasadorul României în Statul Qatar, Cristian Tudor și de consilierul economic la Doha, s-a întâlnit cu liderii a două dintre cele mai mari grupuri de firme din Qatar: CEO-ul Power International Holding, Moutaz Al-Khayyat și președintele Al-Faisal Holding, Shaikh Faisal bin Qasim Al-Thani, care deține și funcția de președinte al Consiliului Oamenilor de Afaceri Qatarezi.  detalii
Piaţa de Capital, 19:01
     Principalii indici de pe Bursa de Valori București (BVB) au închis în apreciere ședința de tranzacționare de astăzi.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
25.09.2017
BVB
     * Acțiunile "Fondul Proprietatea" au scăzut cu 1,41%
       Ședința de tranzacționare de vineri a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), BET coborând cu 0,48%, aceasta fiind cea de-a șaptea ședință consecutivă în...  detalii
25.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs mixt vineri, în urma unui discurs al premierului britanic Theresa May privind ieșirea țării sale din UE.  detalii
22.09.2017
BVB
     * Piața, dominată de raportarea tranzacției prin care FP a vândut 2,56% din SNP și de listarea obligațiunilor IIB
     * "SIF Banat-Crișana" și-a răscumpărat aproape 540.000 din acțiuni,...  detalii
22.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs pozitiv ieri, sectorul bancar fiind în ascensiune după ce Federal Reserve (Fed) din SUA a indicat, în ziua precedentă, că va continua să majoreze costul...  detalii
21.09.2017
BVB
     * Titlurile "OMV Petrom" s-au depreciat cu 2,4%, după anunțul "Fondului Proprietatea" privind derularea unei oferte de vânzare accelerată pentru cel puțin 2,56% din SNP
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 36,5 milioane de lei, sub media zilnică a acestui an (47,1 milioane lei),...  detalii
21.09.2017
BURSELE DIN LUME / INVESTITORI ATENȚI LA POLITICA MONETARĂ A SUA
     Acțiunile tranzacționate la bursele din Europa au fluctuat ieri, investitorii așteptând decizia de după reuniunea de politică monetară a Federal Reserve (Fed) din SUA, desfășurată în zilele de...  detalii
Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     25.09.2017 
     Prognoza pentru România
     Valorile termice vor fi ușor mai ridicate decât cele din ziua precedentă în majoritatea zonelor și se vor situa în toată țara în jurul celor normale pentru ultima decadă a lunii septembrie. Cerul va fi temporar noros și va ploua local în sud-vest și în zona de munte și pe arii restrânse în rest. Vântul va sufla slab și moderat, cu unele intensificări în sudul Banatului și al Moldovei, în Dobrogea și în Bărăgan, precum și la munte. Temperaturile maxime se vor încadra între 17 și 25 de grade, iar cele minime între 6...7 grade în depresiunile Carpaților Orientali și 17...18 grade pe litoral. Dimineața și noaptea, pe spații mici, va fi ceață.
     Prognoza pentru București
     Valorile termice se vor menține apropiate de cele obișnuite în această perioadă din an. Cerul va fi temporar noros, dar condițiile de ploaie vor fi reduse. Vântul va sufla în general moderat. Temperatura maximă va fi de 22...23 de grade, iar cea minimă de 13...14 grade.
      
Curs Valutar

Curs valabil din data de 25 septembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0783
2,3502
3,1374
3,9747
0,1766
0,6178
0,2188
4,5965
5,2337
1,4807
3,4515
0,2175
0,4942
1,0767
0,0675
0,4818
1,0992
3,8670
0,2914
1,2374
0,5840
0,0595
0,3417
0,2173
2,8148
0,0385
0,1467
1,0528
0,6142
0,1168
161,0893
5,4848
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of...  details
19.09.2017
     * Anghel continues to act illegally and puts Sobolewski on the list, even though he didn't submit his candidacy
       Three candidates have been included in the race for the CEO seat of the Bucharest Stoch Exchange (BVB), during the internal selection process initiated by the Board of Directors, namely, Paul...  details
13.09.2017
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
     * Elections at the ANRE this autumn
       Social Democrat leaders have approved the request of PM Mihai Tudose to set up an investigation commission which would audit the activity of the National Authority for the Regulation of the Energy...  details
12.09.2017
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
     * The press release about the results of the BSE has omitted mentioning the IPO of Nuclearelectrica
     * Even though it quotes PwC, the data posted by the BSE differs from that of the consulting firm
       In a promotional campaign that isn't justified by reality in any way, the Bucharest Stock Exchange (BVB) is being maneuvered by its president Lucian Anghel into posting wacky press releases...  details
11.09.2017
THE CONTRACT INCLUDES A NON-COMPETE CLAUSE
     Even though the Bucharest Stock Exchange has announced it is looking for a CEO, it is likely that Ludwik Sobolewski will remain on the payroll of the BSE for two more years, because his contract...  details
11.09.2017
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
     Hundreds of millions of Euros have gone from our banks to tax havens, Minister of Public Finance Ionuț Mișa states, in an interview with a financial newspaper. The official thus confirms what BURSA...  details
07.09.2017
     * "I hope that the government won't use the new fiscal regime of royalties as an intimidation tool against hydrocarbon producers"
     * Interview with PNL Lucian Bode, former minister of the economy
       Reporter: What is your opinion on the decision of the authorities to once again change the Energy Strategy?
     Lucian Bode: To me, the unreliability of the current government is...  details
05.09.2017
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
     * Mr. Hanga hopes for a constructive approach and aimed at the future, and at the development of the BSE
       Radu Hanga, senior advisor for the Board of Directors of Banca Transilvania, is the only candidate proposed to fill out the Board of the Bucharest Stock Exchange, after the death of Cristian Micu,...  details
05.09.2017
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
     * State secretary Andrei Maioreanu: "The updating of the Strategy was necessary, because the existing draft was predominantly focused on the objectives expressed by the EU and less on the objectives of the Romanian energy system"
     * Ion Lungu: "Each government devises a new strategy"
       The amendment of the Energy Strategy in one month is a bad joke, says Jack Cutișteanu, CEO of Petprod, reacting to the announcement made by the representatives of the Ministry of Energy, according...  details
30.08.2017
ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:
     * Senator Daniel Zamfir wants to call Mugur Isărescu in for hearings, next week
     * Isar: "The opening of the parliamentary session involves multiple negotiations"
     * The leu has weakened to 4.5985 lei against the Euro
       The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.  details
29.08.2017
     * Dochia: "The pension fund management firms will close down on their own if the fee gets eliminated"
     * Aurelian Dochia: "The government's communication is a permanent blunder, and the result is that nobody is interested anymore in what the authorities are saying"
     * PFP: "The current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy"
       The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have...  details
25.08.2017
THE BSE CRISIS
     The embarrassing situation generated at the Bucharest Stock Exchange (BSE) by its former CEO Ludwik Sobolewski, who, with the complicity of BSE president Lucian Anghel, has tried, against the will...  details
24.08.2017
IF THE CONTRIBUTION IS REDUCED
     * "If the state pension system is the only one that gets kept, eventually the state may be unable to pay the pensions", says Dochia
       The 2nd pension pillar is once again grabs the attention of the public, after information from sources surfaced yesterday that the Ministry of Public Finances intends to cut by half the...  details
23.08.2017
     Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference...  details
22.08.2017
     We are left with one expression - "You've stooped to Sobolewski's level?!" - because the former CEO of the BSE has become a proverbial figure through his unprecedented scandal which...  details
.