CONFERINȚA Viitorul bursier al SIF-urilor și FP - Ediția a III-a
DAN PAUL, THE PRESIDENT OF THE ASSOCIATION OF BROKERS, TO THE COURT OF AUDITORS:
BURSA 06.03.2017

ANCUȚA STANCIU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * Dan Paul: "Majority shareholder OMV is at risk of losing its 51% stake, and the Proprietatea Fund has already rushed to reduce its stake in OMV PETROM SA"
     * Energy Ministry: "So far we have obtained ownership deeds for most of the plots"
       The Financial Oversight Authority (ASF) could intervene, through the legal means that it has available, to ask OMV PETROM to proceed to the increase of the share capital through contribution in kind with the equivalent value of the plots of land for which it has obtained the right of ownership from the Romanian Government, according to a document obtained by BURSA recently sent by Dan Paul, the president of the Association of Brokers to the Court of Accounts.
     In the document, Dan Paul, the president of the Association of Brokers says: "The share capital increase operation is important because the state has been deprived of the additional shares that it was entitled to, and furthermore, of the dividends it was entitled to out of the profit the oil company has made so far. It is obvious however that the process does not benefit the private shareholders, because the contribution in kind will be recorded on the account of the Romanian state, and all the current shareholders of the company have to contribute money in the share capital increase, to avoid dilution. Majority shareholder OMV is at risk of losing its share of 51%, and the Proprietatea Fund has already rushed to reduce its stake in OMV PETROM SA, given the expected share capital increase".
     The Ministry of Energy recently told us that it had reiterated through several notices the request made to OMV Aktiengesellschaft Austria, as buyer and majority shareholder, to do of all the due diligences in order to obtain all the ownership rights certificates (CADP) obtained by Petrom OMV and those for which the CADPs have not been obtained, which in the privatization contract are labeled "plots of land under clarification", in order to conduct the second share capital increase of OMV Petrom SA.
     The Ministry of Energy has said: "In that regard, OMV Petrom SA has conducted a number of activities in order to identify, inventory the lands used and obtain the ownership rights for those that did not hold titles. With all the complexity and difficulties of the actions for the resolution of the clause concerning the plots that are under clarification, due to the measures and efforts of OMV Petrom SA, the actions taken by the Ministry of Energy and least but not least by the external public auditors of the Department X Division 1 of the Romanian Court of Auditors, so far has been completed the drafting of the documentation, stipulated by the legislation in effect, in order to obtain the Ownership Rights Certificates (CADPs) for those plots of land. So far, CADPs have been obtained for the majority of those plots of land.
     According to the provisions of the Law no. 555 of December 2nd, 2004 concerning some measures for the privatization of National Oil Company Petrom - SA București, following the completion of the privatization process, the share capital increases concerning the plots of land under clarification will be done in two stages: concerning a surface of approximately 2000 (two thousand) hectares out of the plots of lands under clarification, within a year from the date of completion; concerning all the other plots of land in the process of clarification, within 3 months from the date when the company notifies the seller that all the ownership rights certificates have been obtained.
     The first share capital increase of Petrom was completed in the beginning of 2006. The second share capital increase will only be launched, according to the contractual provisions, after OMV Petrom will have secured all the CADPs of the plots of land which the Romanian State has transferred to the company for use or administration".
     In the notice sent to the Court of Auditors, Dan Paul states: "We want to draw your attention to the share capital performed between 2005-2006, when the representatives of OMV PETROM SA have increased the share capital of the company with the equivalent value of the plots of land which the company had secured ownership deeds for, but without evaluating them, even though that was required by the Law no. 31/1990 concerning companies. I want to clarify that at the time, one square meter of land was arbitrarily valued by the company's officials at 0.5 Euros/sqm, value which was used as the basis for calculating the awarding of the newly issued shares to the Romanian government. We are wondering how the Financial Oversight Authority, which was at the time the National Securities Commission, by its Office for Securities Records, which issued the certificate for the registration of newly issued shares, failed to note the absence of the evaluation report for the plots of land which were included in the share capital, and furthermore, who bore the obvious potential loss caused to the State Budget, if those plots of land have been undervalued".
     In 2014, OMV Petrom received an ultimatum from the Romanian authorities concerning the share capital increase with the plots of land, and the Court of Auditors sent numerous warnings concerning this failure to honor the privatization contract.
     At the end of last year, the Ministry of Energy, led at the time by Victor Grigorescu, told us that Petrom still had to obtain ownership deeds for 0.78% of the total plots of land, and it would only be able to perform the share capital increase, once it owned 100% of those plots.
     On August 3rd, 2015, OMV sent a notification based on article 7.1.1. of the Privatization Contract concerning a potential dispute arising from, and in connection with the share capital increase, as proven by the prospectus by which the Proprietatea Fund sold 6.4% of "Petrom". The prospectus states: "The object of this potential dispute concerns the detailed implementation mechanism for the share capital increase. Considering that this dispute has not been resolved through amicable negotiations, and the 180 days delay since the notification has expired, OMV could ask for the beginning of the arbitrage proceedings against the Romanian government, according to the rules of the International Chamber of Commerce, with the venue of the arbitration being Paris, France".
     Petrom was saying at the time that the share capital increase with the plots of land of the state was still in waiting and that no estimate could be done concerning the date of its implementation.
     In August 2015, the "BURSA" newspaper wrote that what was at stake was the price OMV would have to pay to maintain its 51% share in Petrom, because the contribution in kind would be recorded on the account of the Romanian state. Some sources were saying, in August, that OMV was willing to contribute to the "Petrom" share capital increase 12.7 million Euros, according to the market value of the plots of land, calculated at the time of the share capital increase, whereas the calculations of the government placed that amount at 50 million Euros.
     In 2014, the Court of Auditors found that the state did not carry out the measures decided back in 2009, concerning the increase of the share capital of "OMV Petrom" with the amount of the value of the plots of land which the company had secured an ownership deed for. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
THE "FUTURE OF THE SIFS AND OF THE PROPRIETATEA FUND" CONFERENCE / BEFORE THE ELECTIONS AT THE SIFS
ON MARCH 29TH, JUSTICE MINISTER WILL BE CONDUCTING THE EVALUATION OF THE HEADS OF THE PROSECUTORS' OFFICE OF THE HIGH COURT OF CASSATION AND JUSTICE AND OF THE NATIONAL ANTI-CORRUPTION DEPARTMENT
FINANCE MINISTRY SAYS THAT THE LIKELIHOOD OF DEFAULTS ON FIRST HOME LOANS IS LOW:
Actualitate - vezi toate știrile mai jos.
Politică, 19:31
     
     Programul "Euro 200" pentru acordarea unui ajutor financiar elevilor și studenților în vederea achiziționării de calculatoare continuă și în anul 2017. Guvernul a aprobat, printr-o Hotărâre, modelul bonului valoric de care vor beneficia elevii și studenții din învățământul de stat sau particular acreditat, în vârstă de până la 26 de ani, care provin din familii cu un venit brut lunar de maximum 150 lei pe membru de familie, potrivit unui comunicat de presă a Executivului remis Redacției.  detalii
Internaţional, 19:17
     Partidul Popular European (PPE) vrea să determine Comisia Europeană să extindă Programul "Erasmus pentru tineri întreprinzători" și să-i acorde o finanțare mai substanțială astfel încât un număr cât mai mare de tineri să fie beneficiarii acestuia, a afirmat deputatul european Iuliu Winkler (UDMR) cu prilejul adoptării, miercuri după-amiază, a rezoluției "Antreprenoriatul inovativ" în cadrul Congresului PPE care are loc în Malta, potrivit unui comunicat remis Redacției.  detalii
Strategia Naţională Anticorupţie, 17:39
     Ingrid Zaarour, fost președinte al Autorității Naționale pentru Restituirea Proprietăților (ANPR) și președinte al Comisiei Centrale pentru Stabilirea Despăgubirilor (CCSD), este urmărită penal de procurorii DNA într-un nou dosar, pentru abuz în serviciu, alături de câțiva foști membri ai Comisiei Centrale pentru Stabilirea Despăgubirilor, potrivit unui comunicat oficial remis Redacției.  detalii
Politică, 17:22
     Ministerul pentru Mediul de Afaceri, Comerț și Antreprenoriat a lansat în dezbatere publică proiectul Legii Prevenției, care se bazează pe doi piloni, și anume: necesitatea unei bune informări a agenților economici și crearea cadrului optim de informare a acestora prin mai multe instrumente și identificarea zonei de rezonabilitate în actul de control, potrivit unui comunicat de presă remis Redacției.  detalii
Companii-Afaceri, 17:16
MINISTRUL ENERGIEI:
     * ACTUALIZARE 19:27 Gabriela Firea: "ELCEN va fi transferat sau va fi contopit prin fuziune cu RADET. Bucureștenii vor beneficia de apă caldă și căldură la parametri optimi"
     Primarul General, Gabriela Firea, și Ministrul Energiei, Toma Petcu, au convenit astăzi, în urmă discuțiilor purtate la sediul Municipalității, semnarea unui protocol de colaborare între RADET și ELCEN, document care urmărește asigurarea bunei funcționari a sistemului de termoficare până la definitivarea fuziunii dintre ELCEN și RADET, potrivit unui comunicat remis Redacției.
     --------------
     Regia Autonomă de Distribuție a Energiei Termice (RADET) și Societatea Comercială Electrocentrale (ELCEN) ar putea fuziona, până la începutul iernii viitoare, urmând a fi administrate de Primăria Capitalei prin Consiliul General al Municipiului București, a anunțat, astăzi, ministrul Energiei, Toma Petcu.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
30.03.2017
SIBEX
     Cu un total de 50 de contracte futures având o valoare de aproape 600.000 lei, prima jumătate a penultimei ședințe a săptămânii de pe piața Sibex indica o implicare superioară a participanților...  detalii
30.03.2017
BVB
     Domnul Ovidiu Dumitrescu, director general adjunct Tradeville, ne-a declarat: "Majoritatea indicilor Bursei de Valori București au încheiat ziua în ușoară scădere, pe fondul unei oarecare...  detalii
30.03.2017
BURSELE DIN LUME
     Piețele din Europa au fluctuat ieri, după ce Marea Britanie a declanșat procedura de ieșire din Uniunea Europeană (Brexit), generând declinul indicelui FTSE 100 al pieței din Londra.  detalii
29.03.2017
SIBEX
     După jumătate din ședința de marți, piața futures de la Sibiu se situa într-o poziție la fel de slabă ca în ședința anterioară, anunțându-se un nou rezultat modest.  detalii
29.03.2017
BVB
     * Piața, dominată de "deal-ul" de 27,3 milioane lei cu titluri "SIF Banat-Crișana"
       Piața principală a Bursei de Valori București (BVB) a fost dominată, în ședința de ieri, de încheierea unei tranzacții de tip "deal", de 27,3 milioane lei (5,99 milioane de euro), cu...  detalii
29.03.2017
BURSELE DIN LUME
     Acțiunile de pe piețele din Europa au fluctuat ieri, după două zile de declin, generat de temerile investitorilor cu privire la capacitatea președintelui american Donald Trump de a-și implementa...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 30 martie 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 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
XAU
XDR
3,2437
2,3236
3,1729
4,2487
0,1682
0,6109
0,2327
4,5446
5,2621
1,4671
3,8054
0,2163
0,4963
1,0753
0,0751
0,4758
1,1602
4,2325
0,3269
1,3550
0,6142
0,0652
0,3788
0,2264
2,9705
0,0367
0,1561
1,1523
0,6091
170,0900
5,7529
..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
30.03.2017
THE "FUTURE OF THE SIFS AND OF THE PROPRIETATEA FUND" CONFERENCE / BEFORE THE ELECTIONS AT THE SIFS
     * Dan Paul, the Association of Brokers: "I am curious if sanctions for acting in concert in the General Shareholder Meetings of the SIFs will also apply to the Veranda group"
     * Ursache: "I am considering limiting, through a regulation, the right to buybacks and capital reductions to at most one or two a year"
       Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF), has announced yesterday that the institution will sanction shareholders acting in concert, prior to the general...  details
28.03.2017
ON MARCH 29TH, JUSTICE MINISTER WILL BE CONDUCTING THE EVALUATION OF THE HEADS OF THE PROSECUTORS' OFFICE OF THE HIGH COURT OF CASSATION AND JUSTICE AND OF THE NATIONAL ANTI-CORRUPTION DEPARTMENT
     * Laura Codruța Kovesi: "I haven't been asked to resign, and I don't intend to"
     * Băsescu: "The criminal faction made up of Livia Stanciu, Laura Kovesi or Florian Coldea wanted to take over the Romanian state and has been supported by a barefaced guy like Hans Klemm"
       The chief prosecutor of the DNA, Laura Codruța Kovesi, yesterday had a meeting with Justice Minister Tudorel Toader, after which she stated that she wasn't going to resign as head of the DNA...  details
27.03.2017
     Greece's national motto is "Freedom or death", and the title of the state hymn is "Hymn to Freedom". On March 25th, the Greek republic celebrates its National Day, which marks...  details
23.03.2017
     The survival of empires, and even that of countries that do not harbor such ambitions, depends on the existence of at least two fundamental conditions: a functional economy, that ensures its...  details
22.03.2017
AS THE PROPRIETATEA FUND POSTED LOSSES UNDER THE IFRS SYSTEM,
     * The offer by which the Proprietatea Fund bought back 640 million of its own shares, at a price of 0.91 lei per share, oversubscribed almost tenfold
     * The Proprietatea Fund is waiting for the approval of the ASF for a new capital reduction
       An issue raised by lawyer Gheorghe Piperea, last year - the fact that the Proprietatea Fund has reduced its share capital, even though it was posting losses in 2015, a fact which is prohibited by...  details
21.03.2017
GABRIEL PURICE, BRM:
     * "Our opinion is that approximately 20-25% of the Romanian population really needs the price of natural gas to be subsidized, while the rest can bear its liberalization", according to the Romanian Commodities Exchange (BRM) CEO
      * Purice: "The BRM has never supported or agreed to making it mandatory to trade all the natural gas contracts on the exchange"
     * (Interview with Mr. Gabriel Purice, President And CEO of the Romanian Commodities Exchange)
       The recent debates on the Emergency Government Ordinance 64/2016 concerning the liberalization of the natural gas market starting with April 1st have caused arguments in the Industries Commission...  details
20.03.2017
     * Interview with H.E. Mr. Kisaburo Ishii, The Ambassador of Japan to Bucharest
     * "I don't think that Japanese banks would be interested in opening branches in Romania at the moment"
     * "At present, JICA does not have the right to offer financial aid to new projects in Romania any longer"
     * "Bucharest is missing the big picture in what regards urban planning"
       His Excellency, Kisaburo Ishii, the Ambassador of Japan to Bucharest, arrived in Romania in October 2015.  details
20.03.2017
     * There are market rumors that the Banca Transilvania group, as well as Swiss Capital are the most important players in the elections
     * The ASF can use sanctions for acting in concert to tilt the scales in favor of one side or the other
       The elections for new elections at the SIF are causing tumult on the stock market. What's at stake are the assets of 1.69 billion Euros of the five companies.  details
17.03.2017
     * Bankruptcy trustee RTZ & PARTNERS SPRL has rejected their request of an addition to the agenda of the General Shareholder Meeting March 27th
       A group of "Romcab" (MCAB) shareholders, who together hold more than 5% of the company, has asked for an addition to the agenda of the General Shareholder Meeting of March 27th: the...  details
16.03.2017
AFTER IOHANNIS SENT THE LAW BACK TO THE PARLIAMENT
     The governor of the NBR will not have criminal and civil immunity for his position of president of the National Committee for Macroprudential Oversight, according to the new form of the law which...  details
15.03.2017
CRISTINA CHIRIAC:
     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,...  details
14.03.2017
     The signals on the domestic market, as well as the ones from the international markets, increasingly show us that the budget "fantasy" of the new government will be very costly for Romania,...  details
13.03.2017
FINANCE MINISTRY SAYS THAT THE LIKELIHOOD OF DEFAULTS ON FIRST HOME LOANS IS LOW:
     * MFP: "The fact that the ANAF will foreclose on the debtors discourages them from defaulting on their First Home loan payments"
     * Piperea: "The ANAF not only forecloses on the debtors, but it also charges penalties of 18% per annum"
     * Ministry of Public Finance: "The program stipulates the total loan cost to be equal to the 3-month ROBOR plus a margin of a maximum of 2% a year"
     * Analysts estimate that the ROBOR will rise in the coming years
     * Ciprian Dascălu, chief-economist at ING Bank: "In the second half of the year we expect upwards adjustments of the interest rate, amid inflation growth forecasts"
       The amounts paid to banks by the National Fund for the Guarantee and Counterguarantee of Small and Medium Enterprises Loans (FNGCIMM) for the First Home Program get recouped from debtors, through...  details
10.03.2017
     * The four big international audit and consulting firms - Ernst&Young (EY), Deloitte, KPMG and PricewaterhouseCoopers (PWC) - have drawn up the most important bailout banking programs
       Nongovernmental organization Transnational Institute (TNI) of Holland recently published an analysis of the costs and losses borne by the European taxpayers for the rescue of some of the important...  details
08.03.2017
FOLLOWING THE POLISH MODEL
     * BVB: "We are confident that such non-refundable loans could represent a sufficient stimulus for Romanian businesspeople to consider using the Bucharest Stock Exchange for financing"
       The management of the Bucharest Stock Exchange (BSE) wants the Romanian state to subsidize the listing costs for small and medium companies in Romania, following the Polish model, according to...  details
.