CONFERINȚA Viitorul bursier al SIF-urilor și FP - Ediția a III-a
JUDICIAL SOURCES:
BURSA 11.12.2014

ADINA ARDELEANU, LOREDANA DUMITRAȘCU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  The ASF withdraws Bîlteanu and Lakis' authorizations for serving on the board of directors of SIF1
     *  The prosecutors have also conducted searches at Ioannis Papalekas' residence, in the SIF Banat Crișana case
     *  SIF Banat Crișana has invested 6 million Euros in Papalekas' fund, which then acquired Bîlteanu and Najib el Lakis' stake in Tower Center
       *  UPDATE 12:29 SIF Banat Crișana announces that it has never owned shares in "Globalworth Real Estate Investments"
     SIF1 Banat Crișana announces that it has never traded, owned and does not currently own shares issued by the Globalworth Real Estate Investments fund, according to communiqué published on the website of the Bucharest Stock Exchange.
     The company makes these clarifications in response to the article published by BURSA titled "JUDICIAL SOURCES: < < The money of the SIFs would have ended in the bank accounts of their arrested executives, through Globalworth > >".
     "The information published by BURSA in the aforementioned article about SIF Banat Crișana is completely inaccurate", states the communiqué signed by deputy CEO Teodora Sferdian, which thus invalidates the information included in the report of the DIICOT prosecutors.
      --------------
     *  UPDATE 09:50 The ASF withdraws the authorizations of Bîlteanu and Lakis for holding the positions of members on the SIF1 Board of Directors
     The Financial Oversight Authority (ASF) has decided to withdraw the authorization for serving on the Board of Directors of SIF1 Banat Crișana of Dragoș Bîlteanu and Najib el Lakis, who were arrested preventively in the embezzlement case involving two of the SIFs, according to decisions sent to the Bucharest Stock Exchange (BVB).
     The management of SIF1 is required to summon a general shareholder meeting within 30 days to fill the Board of Directors seats that have remained vacant.
     The ASF has also withdrawn the authorization of Andrei Hrebenciuc to serve on the board of SIF Moldova, as he has been arrested in a case concerning illegal retrocessions of woodland.
     The Board of Directors of SIF2 Moldova has the obligation to summon the General Shareholder Meeting in order to appoint a new director within a maximum of 30 days from the date the ASF passed the aforementioned decision.
     Ioannis Papalekas, one of the most active real estate investors in Romania over the last few years, is being criminally prosecuted in the SIFs embezzlement case which the DIICOT is working on, which has seen so far the arrests of Dragoș Bîlteanu, the CEO of SIF1 Banat Crișana, and Najib el Lakis, member on the Board of Directors of SIF1, and lawyers Nicolae Mergeani and Victor Prodan, as well as stock broker Stere Gardan were placed under legal restrictions pending trial.
     Judicial sources claim that Papalekas is in London, and the prosecutors have subpoenaed him to attend the hearings, after his apartment in Bucharest was searched. The investor is being charged with complicity in embezzlement and with the creation of a criminal group.
     In July 2013, Globalworth Real Estate Investments, set up by Ioannis Papalekas, raised 53.6 million Euros from the AIM market of the London Stock Exchange, money which was going to be invested predominantly on the Romanian market.
     According to some judicial sources, Dragoș Bîlteanu and Najib el Lakis sought to have the Bucharest Tower Center project (of Victoriei Square), which was owned by SC Tower Center International SRL, acquired by Globalworth Real Estate Investments Limited, thus allowing them to appropriate 6,353,400 Euros from SIF Banat Crișana SA, and 4,763,424.11 lei from SIF Muntenia.
     According to the prosecutors' report, in the context of the IPO of the Globalworth fund, Papalekas reached an agreement with Dragoș Bîlteanu, by which the latter would have SIF1 and SIF4 buy Globalworth shares. Globalworth Real Estate Investments later cashed 6,353,400 Euros from SIF Banat Crișana, and 4,763,424.11 lei from SIF Muntenia SA, managed by SAI Muntenia Invest (also controlled by SIF1).
     A stake in Globalworth worth 5.34 million lei appears in the 9-month financial statement of SIF Muntenia, but SIF Banat Crișana did not report a similar transaction.
     In February, Papalekas' fund completed the acquisition of Bucharest Tower Center, of Victoriei Square, for 58 million Euros.
     Ioannis Papalekas owned 50% of that company, while the remaining shares were owned by another company, controlled by businessman Dragoș Bîlteanu. Through the offshore called Pokandro Limited, Bîlteanu had already been paid, at the time of the announcement, six million Euros in cash, out of 11.6 million Euros, as well as 200,000 ordinary shares, at a price of 5 Euros per share, the price at which Globalworth had been listed on the secondary market of the London Stock Exchange. Over 2.5 million ordinary shares became the property of Stanuta Enterprises Limited, controlled by Papalekas.
     Thus, after SIF Banat Crișana invested over 6 million Euros in Globalworth, the same amount entered the accounts of the SIF1 executives, through the offshore company they were controlling, according to the prosecutors' report.
     Papalekas has recently made many acquisitions in Romania, through GlobalWorth (the company he controls), including Nusco Tower, the building which hosted the Volksbank headquarters. Papalekas is nicknamed "The faceless eagle", because he never appears in public. BURSA recently published an impressive picture of him, on Greek island Mikonos, where he bought a club, according to the Greek press.
     The publication quotes Romanian sources which describe Papalekas as "ruthless" in business and capable of "smelling" the profitable opportunities. "In Romania, he is considered a leader of the real estate market", the quoted publication says.
     In the "SIF Banat Crișana" case, the prosecutors have indicted 11 individuals and two companies, as two of the executives of SIF1 Banat Crișana are also being charged with stock market manipulation.
     The prosecutors have also decided to place under legal restrictions Gabriel Filimon, the chairman of SAI Muntenia Invest, Gheorghe Bîlteanu, father of Dragoș Bîlteanu, and Sorin Boldi, member on the Board of Directors of SAI Muntenia Invest.
     *  SIF4 shares, down 2.86%
     Trading in SIF4 Muntenia shares was allowed to resume yesterday, ending the session with a drop of 2.86%, after falling as much as 5% intraday. The Financial Oversight Authority decided, on Monday, to suspend trading in the shares of SIF1 Banat Crișana and SIF4, as a result of the searches conducted by the prosecutors and its employees have also asked the issuers in question to report on what is being done to ensure the good operation of the companies.
     SIF Banat Crișana yesterday stated that, given the arrest of CEO Dragoș Bîlteanu and board member Najib el Lakis, the Board of Directors will meet within the briefest delays to review the situation and to take the necessary measures, according to a communiqué signed by deputy-chairman Ștefan Dumitru.
     "There are currently no elements that would affect the day-to-day operation of the company, as the executive management is ensured by executives authorized by the Financial Oversight Authority, in compliance with the legislation of the stock market and within the limits of competence approved by the Board of Directors of the company", the press release states.
     The representatives of the ASF told us last night that, after the publication of the current report concerning the decision of the Board of Directors of SIF Banat Crișana (announced through the report published by the company), trading in the company's stock may resume, unless any new developments occur.
     The Board of Directors of SIF1 currently has only three members, after two of them resigned: Ali Lakis, the nephew of Najib Lakis, and Adrian Petreanu. The former is also indicted in the prosecutors' cases, as his resignation was handed in just before the searches. 

     * Horia Ciorcilă: "Our connection to the SIF Banat Crișana case is zero"
     Horia Ciorcilă, the president of Banca Transilvania thinks that the investigation concerning the embezzlement at SIF Banat Crișana and SIF Muntenia represents a blow for the Romanian stock market.
     When asked about the effect this investigation would have on Banca Transilvania, given that the two SIFs hold significant stakes in the bank, Horia Ciorcilă said: "We do not know anything more than what has appeared in the press. Our connection to this case is zero. We do not predict any impact on Banca Transilvania. We have no more to say on this matter".

 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
FINANCE MINISTRY SAYS THAT THE LIKELIHOOD OF DEFAULTS ON FIRST HOME LOANS IS LOW:
DAN PAUL, THE PRESIDENT OF THE ASSOCIATION OF BROKERS, TO THE COURT OF AUDITORS:
Actualitate - vezi toate știrile mai jos.
Politică, 17:22
     Procurorul-șef al DNA, Laura Codruța Kovesi, a venit luni după-amiază la Ministerul Justiției, pentru a purta discuții cu Tudorel Toader, transmite Digi24.ro.  detalii
Politică, 17:18
     Miercuri, 29 martie, Serviciul Român de Informații va prezenta bilanțul pentru anul 2016, potrivit unui comunicat de presă publicat pe site-ul instituției.  detalii
Politică, 17:13
NOUL REGULAMENT AL COMISIEI SRI:
     Noul Regulament intern al Comisiei de control al SRI a fost prezentat, luni, conducerii Parlamentului, fiind incluse, pe lângă dispozițiile prezentate deja public de Adrian Țuțuianu, și prevederi care permit membrilor Comisiei să fie "protejați" de SRI, la cerere, precum și prevederi privind ordinea interioară a Comisiei, sancțiunile pentru "abaterile" membrilor și modul de comunicare cu presa.  detalii
Companii-Afaceri, 17:07
     Mikkel Skott Olsen, liderul CSR din cadrul Grupului Velux, precizează că VELUX se angajează în dezvoltarea unui mediu sustenabil prin aprovizionarea din surse certificate, potrivit unui comunicat de presă al companiei remis Redacției.  detalii
Politică, 17:04
     Ambasadorul Statelor Unite la București, Hans Klemm, a ajuns, luni după-amiază, la sediul Ministerului Justiției.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
27.03.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au urmat un curs negativ vineri, în majoritate, investitorii punând sub semnul întrebării politicile de creștere economică ale administrației...  detalii
27.03.2017
BVB
     * Indicii au urcat, pe un rulaj de 10,4 milioane euro
     * Mai mult de jumătate din lichiditate, realizată cu acțiuni EL, SIF1 și BRD
       Piața principală a Bursei de Valori București (BVB) a fost dominată, în ultima ședință de tranzacționare a săptămânii trecute, de încheierea a trei transferuri de tip "deal", realizate cu...  detalii
27.03.2017
SIBEX
     Analiza evoluției pieței futures de la Sibiu din ultima zi a săptămânii trecute nu lasă prea mult teren de manevră, în condițiile în care participanții au tranzacționat un singur produs: derivatul...  detalii
24.03.2017
SIBEX
     La Sibex, prima jumătate din penultima ședință a săptămânii a semănat cu sesiunea anterioară, participanții tranzacționând în special derivatul care are ca activ suport cursul de schimb euro/dolar.  detalii
24.03.2017
BVB
     * Titlurile "Banca Transilvania", cele mai lichide
       Cinci dintre indicii Bursei de Valori București (BVB) au încheiat ședința de tranzacționare de ieri în scădere, în contextul în care a fost înregistrat un volum de 40,68 mi-lioane de lei (8,93...  detalii
23.03.2017
SIBEX
     După jumătate din programul de tranzacționare, ședința de la mijlocul săptămânii se anunța una mai slabă comparativ cu predecesoarele sale, în condițiile în care doar derivatul pe cursul de schimb...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 27 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
3,1942
2,3264
3,1394
4,2529
0,1684
0,6115
0,2293
4,5500
5,2686
1,4667
3,7948
0,2152
0,4964
1,0669
0,0736
0,4769
1,1644
4,1870
0,3334
1,3472
0,6091
0,0644
0,3772
0,2224
2,9533
0,0367
0,1555
1,1400
0,6119
169,3164
5,7225
..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
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
07.03.2017
SOURCES:
     * "Banks don't pay taxes unless they want to; between 2011-2015, out of the 46 banks, 19 paid a profit tax in some of those years, and the other banks never paid anything"
     * "The competent institutions should check whether banks with foreign companies are doing hostile takeovers of Romanian companies"
     * "Expenses with the sale of non-performing loans are fully deductible"
     * "Since 95% of the banking system is owned by foreign capital, banks could freeze the financing of Romania's economy"
       Romanian banks only pay taxes if they want to, as they have a very complicated profit reporting system, according to official, very reliable sources.  details
07.03.2017
     The Romanian gambling sector has the best regulations in Europe, which has been admitted in the meetings which the National Gambling Office (ONJN) had at the level of the European Commission and...  details
06.03.2017
DAN PAUL, THE PRESIDENT OF THE ASSOCIATION OF BROKERS, TO THE COURT OF AUDITORS:
     * 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...  details
.