CONFERINȚA CODUL INSOLVENȚEI - Ediția a V-a
BURSA 06.02.2018

Adina Ardeleanu
 
     * Mihai Dragoș says that the value of the Certinvest Dinamic fund units is updated slowly on the site
     * The investor raises questions about the ties between the fund's managers and the unlisted bond issuers in the fund's portfolio
       Investor Mihai Dragoș has filed a complaint with the Financial Oversight Authority concerning the open fund Certinvest Dinamic, managed by Certinvest.
     He claims that the value of the fund's units was being updated slowly on its website and he also raises questions over the ties between the fund's managers and the companies and unlisted bonds included in the fund's portfolio.
     The investor has reported to the ASF that "the fund charges investors a commission 6% a year applied to the total asset (0.5% on the net total asset) and has doubtful results, does not publish the prices of its fund units on time, hardly sells fund units (their number is constantly dropping), last year the fund's shares were dropping as the stock market was rising and the fund had over 50% of its investments in stocks".
     He also asked questions on who approved the purchase of unlisted, unsecured bonds and for which the annual coupon is not clearly presented, who is behind that bond issuer and what are their connections to the management of the fund, which has approved the acquisition of unlisted shares, and whether there is a connection between these companies and the management of FDI Certinvest Dinamic.
     Upon request from the "BURSA" newspaper to provide clarifications concerning the investors' questions, Horia Gusta, president and CEO of Certinvest told us: "Any customer, if they are unhappy, they can talk to us (on the phone, by email or at our company's headquarters) or file a request with the ASF. In doing so, they will receive all the answers, as stipulated in the fund's documents and by the legislation in effect.
     We can't afford to enter the logic of a customer that makes untrue statements, malicious and broad in nature ("who approves the acquisition of stocks" or "hardly sells").
     To the point, I can tell you that the Certinvest Dinamic fund complies with all the legal provisions in effect, only makes investments allowed in the legal framework and makes all the reports requested by the legislation.
     The response given to an investor - in the form of an article written by you - which asks this kind of questions, can affect the interests of the other investors, and, at the same time, can distort the perception of the entire mutual fund industry by investors and readers".
     Last year, Mihai Dragoș has addressed his requests for clarification to Certinvest directly, but he still feels like he didn't get the complete answers.
     On June 30 2017, the Certinvest Dinamic fund had in its portfolio bonds that were not admitted for trading issued by MW Green Power Export, with various maturities, amounting to 2.89 million lei, which represented 15.5% of the total assets. The shareholders of this company are the Closed Investment Fund Certinvest Green, with 99.9% of the shares, and the Closed Investment Fund Certinvest Ro Properties, with 0.08%.
     In April 2017, the shareholders have approved the split of the company.
     In a response sent by Certinvest to the investor in question it is stated that MW Green Power Export SA is a company that has accomplished a photovoltaic renewable energy project.
     In the portfolio of Certinvest Dinamic were also included in mid-2017, was a stake of 0.22% of Rocredit IFN SA, amounting to 62,463 lei, and a block of 9.72% of Certinvest IMM SA, amounting to 131,185 lei.
     According to the response that Certinvest gave the investor, Certinvest IMM SA is a joint stock company which has as its manager SAI Certinvest SA, and Rocredit IFN SA is a non-banking financial company.
     According to the investor, Certinvest also told him that in terms of the appraisal of the evaluation of the fund's assets, the securities that are not admitted for trading on a regulated market or on trading systems other than the regulated market can be evaluated at their book value per share, as it follows from the last approved financial statement of the entity in question. The information concerning the acquisition method and their price are not and cannot be public, the manager told the customer, according to what the latter claims.
     At Certinvest IMM, its shareholders are the Closed Investment Fund Certinvest Ro Properties, with 21.6%, the Closed Investment Fund Certinvest Leader, with 27.7%, the Open Fund Certinvest Dinamic, with 9.7%, as well as SIF Transilvania, with 15.62%.
     Mihai Dragoș further told us: "It is absolutely crazy how this fund manager is robbing the investors blind with huge fee (calculated based on assets, not results), whereas from my point of view it has no performances, just opacity.
     It «hides» public information, such as the evolution of the number of fund shares, as there is no archive on the website where you can see detailed daily evolutions, and make economic analyses. They hide behind just two reports a year and the fact that they publish «daily» the structure and value of the fund share.
     They post the values of the fund's shares, their structure and number whenever the mood strikes them, skipping working days from the calendar. On January 23rd, 2018, 25th and 26th, the stock market was active, the stock prices fluctuated, and they published nothing, even though 55% of their portfolio is made up of shares. They did the same in the period between Christmas and New Year's Eve.
     I wonder whether the people who made the decision to place the investors' money in unlisted or unsecured instruments have some personal interest in those families, or their families.
     Before placing money in such securities they have submitted the statement under the sanction of law because they or their relatives and parents up the fourth degree have no interest in those companies".
     In 2016, the ASF imposed on Certinvest a plan of measures, following the audit of 2015, but in the beginning of the year, the Authority has announced that it would keep the fund manager under monitoring.
     In February 2017, Horia Gusta, the CEO of "Certinvest", told us that the company agreed to carrying out the aspects established by the Financial Oversight Authority (ASF) through the measures it notified it about. Back then, he said: "Following the periodic audit of the fund conducted in June 2015, the Financial Oversight Authority established, at the end of April 2016, several aspects which SAI Certinvest SA needs to carry out. It is a custom of the ASF that following any audit it decides on measures that the audited entities need to carry out within certain delays.
     Thus, compliance was sought with the new requirements of the ASF, pertaining to the procedures in the area of conflicts of interest and risk management for a period of 18 months".
     According to the decision of the ASF of October 10th, 2016, SAI Certinvest was fined 18,324 lei, representing 0.3% of the turnover made in the 2015 fiscal year. The ASF found that "Certinvest" managed the collective portfolio without honoring the investors' interests, which led to the failure to honor an obligation to buy back the fund units owned by an investor in FII Certinvest Properties RO.
     SAI Certinvest SA is a joint stock company with fully Romanian capital, operating on the Romanian capital market since 1994. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
23.02.2018
BVB
     O treime din rulajul ședinței de tranzacționare de ieri a venit din transferul "deal" efectuat cu 1,5% din acțiunile SIF5 Oltenia, în valoare de 17,68 milioane lei. Schimbul a fost realizat...  click să citești tot articolul
23.02.2018
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, în condițiile în care așteptările tot mai mari legate de majorarea dobânzilor în SUA au afectat apetitul pentru risc, la nivel global.  click să citești tot articolul
22.02.2018
BVB
     * Piața a înregistrat a treia scădere consecutivă
     * Titlurile OMV Petrom au scăzut cu 1,14%
       Piața a înregistrat în ședința de tranzacționare de la mijlocul săptămânii, cea de a treia zi de scădere consecutivă, majoritatea cotațiilor emitenților listați la Bursa de Valori București (BVB)...  click să citești tot articolul
22.02.2018
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au scăzut ieri, în special în sectorul tehnologic, investitorii fiind atenți la rezultatele financiare anunțate de companii.  click să citești tot articolul
21.02.2018
BVB
     * George Brande, Interfinbrok: "Investitorii stau într­-o stare de expectativă, ceea ce poate explica rulajul redus"
       Piața principală a Bursei de Valori București (BVB) a încheiat ședința de tranzacționare de ieri preponderent în scădere, singurul indice ce a cunoscut o creștere fiind BET-FI, al celor cinci...  click să citești tot articolul
21.02.2018
BURSELE DIN LUME
     Bursele din Europa au crescut ieri, în a doua parte a zilei, datorită rezultator financiare peste așteptări anunțate de unele companii.  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 22 februarie 2018
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
TRY
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
2.9612
2.3795
2.9864
4.0377
0.1838
0.6249
0.2143
4.6539
5.2607
1.4903
3.5285
0.2269
0.4799
1.1137
0.0667
0.4656
0.9950
3.7867
0.3237
1.1583
0.5952
0.0583
0.3500
0.2017
2.7767
0.0395
0.1399
1.0309
0.6249
0.1200
161.1363
5.4832
..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
21.02.2018
LIBERAL SENATOR STRIKES AGAIN
     * Senators have voted for the annual effective rate to be at most 2.5% higher than the policy rate when it comes to mortgage
     * The law will go to the Chamber of Deputies - the decision making forum
     * Senator Zamfir: "Today, we have become European as far as the manner in which loans are granted as well"
       PNL senator Daniel Cătălin Zamfir does not disappoint. His draft law concerning the capping of interest rates was the first that appeared on the agenda yesterday, in the common meeting of the specialized commissions and despite the controversies between him and a few other party colleagues, including the president of the Economic Commission Florin Cîțu, the liberal got more than he had made his objective initially - not just the capping of compensatory and penalty interest rates, but also the capping of the annual effective interest rate charged by banks and Non-Financial Banking Institutions (IFNs).  click here to read the entire article
20.02.2018
UPON REQUEST FROM ONE SHAREHOLDER,
     * The investigation concerns the deliberate reporting of inaccurate financial statements or untrue information
     * Sebastian Vlădescu: "An investigation is the only solution which would show where the money went, I know I've done my job"
       The DIICOT prosecutors have begun prosecution in rem of the actions, in the "Romcab" (MCAB) case, according to a response sent by the prosecutors to Valentin Stănescu, a shareholder in the company.  click here to read the entire article
20.02.2018
     Decorated by Traian Băsescu with the Star of Romania, Gunther Krichbaum, the president of the European Affairs Commission of the Bundestag, asks the president of the European Commission, Jean Claude Juncker, through a letter, not to suspend the application of the Cooperation and Verification Mechanism (MCV) concerning the Romanian judicial system and writes that "in the event of new attacks on the independence of the judicial system, should take into consideration initiating the procedure for the activation of article 7 of the EU treaty" (the suspension of Romania's voting rights in the EU council).  click here to read the entire article
16.02.2018
VALERY KUZMIN, AMBASSADOR OF THE RUSSAIAN FEDERATION IN BUCHAREST:
     * Lucian Bode, co-initiator of the BRUA, is asking for clarifications from Teodor Meleșcanu concerning the export of natural gas from Hungary
       We are happy that the perimeters on the continental coast of Romania (ed. note: offshore in the Black Sea) will start being exploited, because there lies inactive a very important resource of the energy industry, his excellency Valery Kuzmin, Ambassador of the Russian Federation told us in Bucharest, during Diplomat's Day.  click here to read the entire article
15.02.2018
IN THE MEETING WITH THE ANRM
     * Also discussed were the intentions of the Mazarin company to acquire some perimeters
       The management of the National Mineral Resources Agency (ANRM) met on Tuesday with Shelley Saxen, deputy economic advisor of the US embassy in Bucharest. On the agenda was last Friday's order issued by the ARNM which establishes the reference price for natural gas mined in Romania, in order to set the royalties will be calculated based on the trading prices on the hub of CEGH Vienna, according to sources close to the talks.  click here to read the entire article
14.02.2018
     * Gigi Dragomir, the president of the ANRM: "We see no reasons why the price of natural gas paid by the end consumers should increase"
     * ROPEPCA: "The proposal to adapt the royalty for natural gas made in Romania to a virtual foreign number shows a lack of sovereignty"
       The reference price for natural gas extracted from Romania, in order to establish the royalties, will be calculated based on the trading prices of the CEGH Viena hub, the National Agency for Mineral Resources announced on Friday, which issued the Order concerning the approval of the Methodology to set the reference price for natural gas extracted from Romania.  click here to read the entire article
07.02.2018
     The Black Monday of 1987 came two months after the beginning of the term of Alan Greenspan as head of the Federal Reserve. Back then, the Dow Jones Industrial Average (DJIA) fell 508 points, 22.61% below that of the previous trading day.  click here to read the entire article
06.02.2018
     * Mihai Dragoș says that the value of the Certinvest Dinamic fund units is updated slowly on the site
     * The investor raises questions about the ties between the fund's managers and the unlisted bond issuers in the fund's portfolio
       Investor Mihai Dragoș has filed a complaint with the Financial Oversight Authority concerning the open fund Certinvest Dinamic, managed by Certinvest.  click here to read the entire article
05.02.2018
     The National Bank of Romania (NBR) thinks that the National Liberal Party (PNL) is a pariah.  click here to read the entire article
30.01.2018
     The female prime-minister seems like a victory against sexism. The emancipation of our women seems to find its expression in the appointment of Viorica Vasilica Dăncilă as head of the Executive.  click here to read the entire article
25.01.2018
THE SALE OF BANCPOST HAS REOPENED THE ISSUE OF LOANS PAID ON TIME, SOLD IN HOLLAND
     * NBR: "It is still up to the courts to establish and verify the legality of the assignment"
     * Debtor: "I went to the address in Holland and there was no main office of any Eurobank entity there"
     * Cuculis: "Companies that have acquired loans are collecting interest illegally"
     * Civil Code: "The assignee may only enforce their rights on a third party after notifying the debtor that they have been assigned"
     * The bank has not notified the customers before selling their loans
     * Bancpost had not answered our enquiry on the matter, by the time the newspaper had gone to the printers
       The sale of Bancpost to Banca Transilvania, without the loans paid to day that were assigned in the past to a Dutch entity, has once again brought up the issue of loans sold abroad, even though they were performing. Customers who have found themselves in this situation have pointed out a number of irregularities in the assignment process.  click here to read the entire article
22.01.2018
     The issue of the funding of the budget deficit will become acute in 2018, as the government authorities show us that they haven't learned anything from last year's experience.  click here to read the entire article
22.01.2018
RULING OF THE COURT OF APPEAL
     * Profit.ro Publishing owes the Romanian state approximately 360,000 Euros, and "N.ro Agenția de Știri" SRL, approximately 460.000 Euros
       Journalist Cristi Popa has won in the Court of Appeal the lawsuit against Profit.ro Publishing SA, by which he had disputed the decision by which he had been laid off in 2016, as the court decided that he would be reinstated to the job he held before his layoff, as well as the payment of compensatory salaries.  click here to read the entire article
19.01.2018
GIGI DRAGOMIR, REINSTATED AT THE ANRM
     * The dismissal of Gigi Dragomir as chairman of the ANRM, was one of the last decisions made by Mihai Tudose
     * The reinstatement of Gigi Dragomir as head of the ANRM, among the first decisions made by Mihai Fifor
     * Daniel Zamfir, PNL: "I hope that the reinstatement of Dragomir to his own job represent the admission of the mistake made by Tudose, concerning the obstructing of the updating of the reference price for natural gas"
       Former prime-minister Mihai Tudose and the current interim prime-minister Mihai Fifor, seem to have something in common, aside from the position they fill - they seem to be seriously concerned with the natural gas royalties.  click here to read the entire article
18.01.2018
AFTER THE ROW CONCERNING THE AMENDMENT OF THE REFERENCE FOR THE NATURAL GAS ROYALTY
     * Liberal senator Daniel Zamfir accused former prime-minister Mihai Tudose of sacking ANRM president Gigi Dragomir, for issuing an order which updated the methodology for the calculation of the royalty for natural gas, to match the market price
       The Romanian Association for Oil Exploration and Production (ROPEPCA) yesterday denied, in a press release, the "grave and unjustified" accusations made against the Romanian producers of natural gas, "accusations which concern the alleged insufficient payment of natural gas royalties", which it says are "being discussed in public increasingly often".  click here to read the entire article
.