Gala BURSA "Deceniul European din Centenarul României"
BURSA 22.08.2017

MAKE (translated by Cosmin Ghidoveanu)
 
mărește imaginea
The man called by the author "citizen Cepraga" is a Senior PR Specialist at the BSE and in that position, he conducts interviews with Sobolewski on stadiums.
     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 he sparked off yesterday, after the end of his term, claiming that he continued to be the CEO of the BSE, even though the Board of the Exchange has not renewed his contract.
     It beggars belief: the BSE has posted a current report of the BSE, in which Ludwik Sobolewski, as a signatory of the Report, politely speaks about "Mr. Ludwik Sobolewski", whose mandate has not been extended by the Board of the Exchange, and his mandate remains in effect.
     -----------------------
     Current report of the BSE
     "The Bucharest Stock Exchange SA (hereinafter called "the Company" or the BSE) informs that on August 21st, 2017 will expire the mandate contract of the CEO of the BSE, Mr. Ludwik Sobolewski. The BSE also informs that the mandate of Mr. Ludwik Sobolewski remains in effect, according to and based on the decision of the Board of the Exchange no 79/July 1st, 2013 (which was the basis for the validation of the Financial Oversight Authority through the decision no. 616/August 21st, 2013). The terms and conditions pertaining to the fulfillment of the mandate will be defined, or another decision will be made by the Board of the Exchange on the matter.
     < The decision concerning the extension of the mandate contract of the CEO was not made in the meeting of the Board of Directors, summoned for August 18th, 2017, due to lack of quorum". (Signed: Ludwik Sobolewski)
     -----------------------
     The report caused confusion.
     Some more emotional journalists from a financial newspaper were quick to write that Sobolewski remains CEO.
     More Mai versată, even though it is a partner of the BSE, Agerpres was confined to writing: "The Board of the BSE did not extend the CEO contract of Ludwik Sobolewski, due to lack of quorum".
     At that time, I wrote that the Current Report of the BSE represented market abuse and that normally, the BSE stock should be suspended from trading, until the situation is clarified, a statement which I posted on the website of BURSA.ro.
     Simultaneously, some brokers noted the same thing and asked BSE president Lucian Anghel to suspend trading in the stock.
     But he didn't.
     From that moment on, a man named Florin Cepraga (who Sobolewski runs around a stadium with and while huffing, also gives him an interview in which he displays his incompetence when it comes to warrants), who started sending "explicative" emails to newspapers:
     ----------------------
     "According to the current report of the BSE, the mandate of Ludwik Sobolewski remains in effect. What has expired is the mandate agreement, not the contract itself. The mandate and the contract, the one which defines the terms for the execution of the mandate, are not one and the same".
     -----------------------
     Instead of going away, the confusion grows - "The mandate and the contract are not the same thing"!
     Cepraga talked to us, but did not send us anything in writing (he lied to us that he did not send anything in writing to anybody) and did not agree to us quoting him, which is something we would have complied with, had we not gotten his email from another newspaper.
     That email he sent to others, but dared not send to us, is a mere collection of aberrations.
     -----------------------
     Art. 2009 of the New Civil Code shows that "The mandate is the contract whereby one party, called agent, commits to take one or more legal actions on behalf of the other parties, called principal", according to legeaz.net.
     -----------------------
     The mandate is the contract.
     Period.
     In other words, they are one and the same, not two distinct things, like Cepraga .
     On the BURSA.ro website, one reader (who calls himself "Radu Mischie") presents his own interpretation:
     -----------------------
     11. Clarifications
      (message sent by Radu Mischie on August 21st, 2017, 16:09)
      After reading the article, then the current report of the BSE, I said I would go and have a look at the Trade Registry. Paid 8 lei out of my own pocket to get an electronic statement (ed. note: concerning the BSE).
      And what the records at the Trade Registry show is that Mr. Sobolewski is the CEO of the BSE indefinitely. Anybody who wants to see those records leave their email here and I will send them to them.
      A few explanations, because I have a bit of legal expertise:
      - the Pole is recorded as CEO for an indefinite period of time - that is at the trade registry
      - essentially, for that reason, he is still in office (don't flame me, I am just telling you how this gets interpreted)
      - in order for him not to be CEO, he needs to be dismissed by the Board of Directors of the BSE
      - I've heard (but haven't seen that with my own eyes), that Sobolewski also has a mandate contract, which has expired today. And that said contract described his rights, obligations, salary for the four years since his appointment until today
      - at this time, Sobolewski is a CEO in office, but without a mandate contract
      - it is not a very pleasant situation and it rather debatable on whether it is legal or not (this would be a case of differing opinions depending on which law firm you ask)
      - essentially, from this moment on, Sobolewski is an empty shell CEO (without a contract, he shouldn't be getting a salary either - or at least not the salary stipulated in his contract)
      - it is just as hard for the Board to dismiss him, but - since his mandate has not expired at the Trade Registry, the board needs to present some reasons for him to dismiss him. Otherwise, the Pole can ask for damages for a hasty dismissal. And he could find a judge that would pay him at least half of his current salary as compensation.
      Essentially, neither party has a good position, but neither of them can take any radical action either.
     -----------------------
     As can be seen, Sobolewski has managed to fool plenty of people.
     This trick apparently comes from law firm PeliFilip, which specializes in making absurd claims for the service of Sobolewski, because it is the same one that claimed that the board members who were absent from a meeting of the Board of Directors, were in fact present.
     The representatives of PeliFilip have not given their point of view in that regard.
     But the law firm, the poster who calls themselves "Radu Mischie" and Ludwik Sobolewski have forgotten to read the New Civil Code, which states:
     -----------------------
     CHAPTER IX
     Mandate agreement
     SECTION 2
     Mandate with representation
     Art. 2015
     Duration of the mandate
     Unless the parties have stipulated a duration, the mandate agreement ends three years after its conclusion.
     -----------------------
     The parties have stipulated 48 months for the duration of the mandate (which is the same as the contract).
     Both the contract, as well as the mandate (God!, that wording is so insane, but I'm just using it for the benefit of Sobolewski's supporters) have expired.
     Some say it has expired as early as Sunday.
     Just to get out of the vortex of insanity, I want to remind the following: it was the board of the Exchange that proposed the renewal of Sobolewski's mandate agreement in the June 20 meeting; the one who turned it down was Ludwik Sobolewski - he promised he would present the reasons behind his refusal in less than one week afterwards, but he never did.
     This is the reason why the ulterior meetings of the Board never met the quorum in the following five meetings, which was needed for the item on the agenda of making a decision concerning the mandate of Sobolewski.
     Essentially, Sobolewski fired himself.
     If his mandate has expired since Sunday, that means that the Current Report of the BSE, posted by the BSE, was signed by just a random individual, named Ludwik Sobolewski, who has no role within the BSE.
     At any rate, even if he still had been BSE CEO on the date that report was published, its signatory also bears a criminal responsibility.
     Yesterday, at noon, the Financial Oversight Authority asked each member of the Board of the BSE to state whether they had been aware of that current report, of the BSE and whether they had approved it.
     Lucian Anghel said that he had approved it on Friday.
     Apparently Sobolewski will drag a few other people with him...
     But not to Poland. 
 

 
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Aceeasi sectiune (English Section)
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Actualitate - vezi toate știrile mai jos.
Politică, 14:36
UPDATE
     * ACTUALIZARE 16:54 Parlamentarii PSD părăsesc sala
     Moțiunea de cenzură depusă de PNL este citită în acest moment, în plenul reunit al Parlamentului, iar parlamentarii PSD au început să părăsească sala.  detalii
Politică, 07:37
UPDATE
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     ------------
       * ACTUALIZARE 14:50
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English Section
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * 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
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * 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
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
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     * A 39% stake belongs to Russian millionaire Sergey Lobanov, who is being criminally investigated in Russia for alcohol contraband
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07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
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06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
     Esports, no longer the "unruly" child of the tech and sports entertainment fields, has established itself as a legitimate and profitable industry. Romanian production company PGL is at the forefront of its acceptance and growth.  details
30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
27.10.2017
     * Lucian Bode: "I have great doubts that the state will come out a winner from the FP-Electrica transaction and I don't think that this acquisition constitutes a zero priority for the company"
     * Gabriel Dumitrașcu: "I hope that by tomorrow (ed. note: today) at 10:00, the ASF will issue a statement, otherwise it means Mircea Ursache is reckless"
       The General Shareholder Meeting of Electrica set to take place today announces itself very interesting as, on the agenda, it includes the election of the members of the Board of Directors by applying the cumulative voting method, as well as approving the acquisition by Electrica of the stakes of the Proprietatea Fund (21% each) in the distribution subsidiaries of Muntenia Nord, Transilvania Nord, Transilvania Sud and Electrica Furnizare, for a price of 752,031,841 lei, a cost higher by 60 million for the company compared to the failed negotiation of March 2016.  details
23.10.2017
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
     The National Consumer Protection Agency (ANPC) recently fined no less than 15 commercial banks, on charges of misleading advertising, according to sources close to the situation.  details
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