Conferința BURSA - Dezvoltarea Romaniei 2018
UPON REQUEST FROM ONE SHAREHOLDER,
BURSA 20.02.2018

A.A (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * 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. Last summer, he brought a criminal complaint against the administrators of the company - Zoltan Prosszer, Sebastian Vlădescu and other directors, on charges of having committed several offenses, such as presenting inaccurate data about the situation of the company in the reports presented to the public, the presentation in bad faith of an inaccurate financial situation, in order to conceal the real situation of the company, manipulation of the stock market, fraud and the creation of an organized crime faction.
     Cable maker Romcab (MCAB) filed for insolvency in the beginning of last year, amid a massive depreciation of its inventory, from 629.62 million lei, on September 30, 2016, to 498.9 million lei, on December 31st 2016 (according to the audited data).
     On February 20 2017, the County Court of Mureș approved the cable maker's request to enter insolvency, as it had reported a loss of 39 million Euros in 2016, even though it had posted a profit of 9 million Euros in the first nine months of 2016.
     It is precisely these reports of the company to the BSE that have been the object of a complaint filed with the DIICOT by Valentin Stănescu, who claims he holds 1% in the company.
     The DIICOT answered him, in January and told him that it had begun prosecution, and that investigations concerned the offense stipulated in the article of the stock market law concerning "the deliberate presentation by the administrator, director or executive of the company of inaccurate financial statements or false information about the company's situation to shareholders", which is punishable by 6 months to 5 years in jail and the restriction of certain rights.
     Valentin Stănescu told us: "Romcab has sent to the Bucharest Stock Exchange false information and has misled investors. The criminal investigation bodies must act before it is too late. Because the company has entered insolvency, we, the shareholders can only hope to recoup our losses from those responsible. If prosecution isn't brought against individuals, neither can the assets of those guilty for the current situation of the company, which has seen approximately 200 million lei vanish in three months, be seized. So far, the authorities of the state - prosecutors and the Financial Oversight Authority (ASF) - have done nothing to protect the interests of investors on the capital market".
     Sebastian Vlădescu, former president of Romcab, thinks that it was to be expected that a criminal investigation would begin in the case of the company, as this is the only solution to find out where the money went.
     "I can't say that I am too thrilled with a criminal investigation, but there is a need for clarification on what happened there - what mistakes have been made and what illegal things have happened. It is the only solution for the truth to be found, where the money went, if anything has been stolen, and if yes, by whom. Aside from the unpleasantness of being involved in a criminal investigation, I have no worries. Everyone will answer for what they've done, and I know I've done my job. When I was on the Board, I did my job based on the information I received, and when I stopped receiving information, I reacted".
     In the criminal complaint, the investor states that he invested in MCAB shares, based on the company's financial reports published between December 2012 - September 2016, which reflected a sustained and significant turnover and profit growth, as well as an excellent profitability compared to its own equity.
     Valentin Stănescu notes that he bought 99,546 shares (1.1% of the company), as follows: 39,546 shares, at prices between 8.76 and 9.4/share, between September 9th 2016 and November 18th, 2016, and 60,000 shares at a price of 3.92 lei/share, on January 19th 2017, for a total of 599,435 lei.
     This clarifies that, following the acquisitions made, negative news about the company appeared on the BSE website: - the delayed reporting of default incidents, the request to enter insolvency, the preliminary reports for December 2016, which showed significant differences compared to the previous reports.
     The shareholder says that he did not acquire any more shares after the appearance of those pieces of news.
     Valentin Stănescu reminds, in his criminal complaint, that on February 23rd, 2017, Romcab issued a communique signed by Zoltan Prosszer as CEO, by which he notifies investors for the first time about the many payment defaults that occurred between December 23rd 2016 - January 16th 2017 and tries to reassure investors and the mass-media, showing that those payment incidents are part of the "specific circumstances of the industry that we operate in [...] most of our customers closed down between December 15th - January 15th". The shareholder further says: "Moreover, Mr. Prosszer continues: «We expect that in the very near future our activity will return to its normal course...» and concludes as follows: «We want to point out the fact that in our opinion, the current situation of the company is a temporary one, and the measures that we have identified have the necessary degree of feasibility to resolve all the matters raised in the press»".
     Mr. Stănescu says, in his criminal complaint, that these clarifications have been issued by the company only after the BSE asked Romcab to address the press reports about the payment incident.
     Despite that communique, on February 10th, 2017, the company filed for insolvency, and on February 16th 2017, on the BSE website, were published the preliminary financial statements for December 2016, the shareholder writes, and he added: "In contrast with the profit of approximately 39.5 million lei at the end of September 2016, the financial statement for December 2016 shows a loss of 178 million lei. (...)
     It is extremely unlikely that such a loss would appear over just one quarter, as a result of normal business. Thus, it is likely that those losses accrued over the previous periods and hidden knowingly or at the behest of the company's management.
     Also on February 17th, 2017, a notification is posted on the BSE website that trading in the stock is suspended, because the ASF has asked the company to publicly clarify the differences between the financial statements at the end of September 2016 and December 2016".
     The shareholder's attempts to get clarifications from the company were left unanswered.
     On May 23rd, 2017, in the Ordinary General Shareholder Meeting having on its agenda the approval of the financial statements and of the report of the administrators pertaining to the year 2016, Zoltan Prosszer, as special administrator, said that "the loss of 180,000,000 lei (reported to the regulated market on February 16th, 2017) was an "accounting error", the shareholder further reminds.
     He claims that the infractions committed by the members of the Board of Directors and the executives of Romcab were deliberate, given that the company is public, and thus is required to draw up both periodical reports, as well as the constant reports caused by events having a major impact on its economic situation: "Being the administrators and executives of a company listed on a regulated market, the perpetrators cannot claim not to know the consequences of the submission of incomplete reporting. (...) The administrators and executives of Romcab have not conducted the reporting concerning the essential conditions of the company not even after information appeared in the mass-media about the existence of massive payment defaults. Under these circumstances, no one can claim that the administrators and executives of Romcab did not accept the result of not reporting the correct information concerning the company's economic situation".
     Speaking about the depreciation of the inventories, performed by the company, Valentin Stănescu states: "It can be noticed that at the end of 2016 the management of the company performed an adjustment of current assets by 180 million lei. The only explanation provided by special administrator Zoltan Prosszer, who is an indirect majority shareholder and CEO of Romcab, is that «the marking of the operating loss was specifically owe to the inclusion of the expenses pertaining to the depreciation of inventories available at the end of year, that amounted to 178.9 million lei».
     Such an explanation indicates beyond a doubt that the previous financial statements were fake, because they mentioned a much higher value of the inventories, compared to the real one.
     Furthermore, the investigation also seeks to find whether the company also omitted to draft current reports to disclose to investors, certain legal acts concluded with third parties which have affected the company's finances, to an extent where, had they been known, they would have had an impact on the price of Romcab shares.
     The immediate result of this offense consists in the loss caused to all investors in Romcab stock, which have acquired that stock without knowing the true situation of the company, the investor aleges.
     *  Zoltan Prosszer fined by the ASF twice
     In the beginning of the year, the Financial Oversight Authority (ASF) fined Zoltan Prosszer and Sebastian Vlădescu, the current and former CEO of "Romcab" Târgu Mureș (MCAB), respectively.
     The ASF found that the two were responsible for failing to ensure the necessary framework for the auditing in due time of the financial statements for the year 2016 and that they have failed to report to the BSE the company's contracts with affiliates larger than 50,000 Euros, according to the law. Prosszer was fined 15,000 lei, and Vlădescu, 13,000 lei.
     In an interview he gave in February 2017, former Romcab CEO, Sebastian Vlădescu, was saying that if the company still had its inventory, then there was no problem, as the price of copper was rising. At the time, he was saying that the issue of inventory would have to be resolved by SGS, the company hired to certify the existence of the inventories.
     "Romcab" is controlled by "Sadalbari", which saw changes in its shareholder structure in 2017. Thus, "Sadalbari" is no longer controlled by Romcab president and special administrator Zoltan Prosszer.
     "Sadalbari" SRL filed for insolvency, upon request, on March 31st, according to the ruling of the County Court of Mureș.
     On January 27th 2017, Zoltan Prosszer assigned to Roxana Târcă (the representative of the investors relations department at Romcab) 35 of the 45 shares he held in "Sadalbari".
     This increased Roxana Tarcă's stake in "Sadalbari" to 46.7%, while Zoltan Prosszer was only left with 9.35%. The "Sadalbari" shareholder structure also included at the time Rodica Dochițoiu (with 37.38%) and Amberyce Limited (with 6.54%), according to data from the Official Gazette. The company subsequently reported to the BSE that "Motoplus Paneuro"- a company controlled by Florin Dorin Costea, who is allegedly the brother of Zoltan Prosszer - reached a 91.8% stake in "Sadalbari", while Prosszer was left with a minuscule stake.
     Also , the controlling stake of 69.02% of "Romcab" (MCAB), owned by "Sadalbari", was pledged to "Stareal Limited" of Cyprus, on February 6th, 2017, four days before the Târgu Mureș cable maker filed for insolvency, according to the Romanian Electronic Archive for Secured Transactions.
     Trading in "Romcab" shares was suspended on February 17th, upon the request of the Financial Oversight Authority (ASF), which has asked the company for a detailed report concerning the factors which have generated the amendment of the financial situation on September 30, 2016, on February 16th, 2017.
     Back then, the ASF fined the CEO of "Romcab" 7,000 lei, for not answering to some requests by the ASF or being slow in doing so.
     The creditors' chart of Romcab comprises debts of 1 billion lei. The biggest creditor is EximBank, with a receivable of 113.02 million lei, on its own behalf, and 98.4 million lei, in the name and on behalf of the Romanian state. Banca Transilvania has a claim of 111 million lei, whereas state owned CEC Bank has a receivable of 34.6 million lei. 
 

 
Readers' comments    [ add a comment ] 
Trimite părerea ta.
Nume (maxim 50 caractere)
E-mail (optional)
Titlu (maxim 50 caractere)
Mesaj
 
REGULAMENTUL MESAJELOR
Acord
Prin trimiterea opiniei ne confirmați că ați citit regulamentul de mai sus și că vă asumați prevederile sale !
Aceeasi sectiune (English Section)
BECAUSE AN AGREEMENT ON THE PRICE COULDN'T BE REACHED,
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
25.09.2018
BVB
     * Șapte din cei nouă indici, în scădere
     Lichiditatea înregistrată în prima ședință de tranzacționare a săptămâ­nii la Bursa de Valori București (BVB) a fost de 37,39 milioane de lei, 60% din...  click să citești tot articolul
24.09.2018
     * BET-BK, singurul indice în scădere
     Opt dintre cei nouă indici ai Bursei de Valori București (BVB) au încheiat ultima zi de tranzacționare a săptămânii în creștere, singurul coș de acțiuni care a...  click să citești tot articolul
24.09.2018
     Piețele din Europa au încheiat săptămâna trecută în ton optimist, investitorii fiind atenți la datele pozitive privind economia SUA (producția industrială și activitatea din sectorul privat)....  click să citești tot articolul
21.09.2018
BVB
     * Rulaj de 47 milioane de lei, peste media anului
     
     Piața principală a Bursei de Valori București (BVB) a încheiat ședința de tranzacționare de joi preponderent în teritoriul pozitiv, opt dintre...  click să citești tot articolul
20.09.2018
BVB
     * Scădere de 0,53% pentru BET-NG
     
     Volumul de tranzacționare înregistrat în ședința de la mijlocul săptămânii a Bursei de Valori București (BVB) a fost de 33,45 milioane de lei, dintre care...  click să citești tot articolul
20.09.2018
BURSELE DIN LUME
     Bursele din Europa au urcat ieri, pe fondul câștigurilor din sectorul materiilor prime.  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 24 septembrie 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 sârbesc...
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
2.8774
2.3815
3.0579
4.1276
0.1817
0.6244
0.2210
4.6578
5.1941
1.4395
3.5127
0.2353
0.4872
1.0821
0.0600
0.4516
0.6364
3.9575
0.2774
0.9771
0.5771
0.0545
0.3541
0.2100
2.6380
0.0394
0.1409
1.0774
0.6272
0.1220
152.4712
5.5582
..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
14.09.2018
MREPORT BY TRANSPARENCY INTERNATIONAL
     Globalization has also brought with it an unpleasant effect: cross-border corruption. According to the intermediate report Exporting Corruption for the year 2018, a document drawn up by the organization Transparency International, there is a practice among powerful foreign companies of bribing the public servants of another country when they want to enter the local market.  click here to read the entire article
07.09.2018
DEPUTY VIRGIL POPESCU, VICEPRESIDENT OF THE COMMISSION FOR INDUSTRIES AND SERVICES
     The offshore law will once again reach the Commission, in one or two weeks, according to Mr. Virgil Popescu, the vice-president of the Commission for Industries and Services, the Chamber of Deputies.  click here to read the entire article
05.09.2018
MRS. FIREA'S VERBAL BOMBS
     * "There have been attempts for the prefect to be made a scapegoat"
     * "The support from the government wasn't much to talk about, so if it were withdrawn, there wouldn't be much of a difference"
     Bucharest's General Mayor was heard on Tuesday as a witness by the prosecutors of the General Prosecutor's Office in the case concerning the events which happened on August 10th in Victoriei Square. Before going into the Prosecutors' Department building, Gabriela Firea said she stood by her statements made immediately after the meeting of the National Executive Committee of the PSD and said: "I always speak based on facts, not just in this particular case, but in other areas as well, including politics. I will be answering to the questions of the prosecutor who contacted me and told me I was supposed to be heard in the case which is now being investigated concerning the intervention of the gendarmes on August 10th".  click here to read the entire article
31.08.2018
     The particularly hot weather and the conditions of extreme draught in Europe have brought to light terrible warnings from the past.
     Associated Press recently wrote that in the riverbed of the Elba in the Czech Republic have resurfaced the giant stones known as "the hunger stones", which have indicated over time, the coming of hard times.
     "When you see me, weep", is written on one of these stones, which seems to be considered the best hydrological benchmark in Europe. The inscription is in German and dates back to 1616.
     A detailed analysis of the stone inscriptions was published by the Czech researchers in the "Climate of the Past" magazine in 2013 (author's note: "Droughts in the Czech Lands, 1090-2012 AD", April 2013).  click here to read the entire article
29.08.2018
     * Claudiu Cazacu, XTB România: "United States companies have posted results that even exceeded the analysts' expectations, which were already for 2-figure profit increases"
     * Liviu Moldovan, financial analyst: "Currently, investors have a «blind» faith in the stock markets, in general, and in that of the US, in particular"
     For the first time in the history of the American markets, Nasdaq has surpassed the psychological level of 8,000 points.
     In the August 27 session, the Standard & Poor's 500 (S&P 500) index also reached an all time high, ending the trading session at almost 2,897 points.  click here to read the entire article
27.08.2018
     The capital market was marked, last week, by a number of controversial statements tied to the listing of Digi Communications, starting from the statements made recently by Darius Vâlcov, state advisor on the team of the prime-minister, who wrote on his Facebook page that he has asked the Financial Oversight Authority (ASF) if it was true that the book value of the Digi shares was 1 leu and 8 bani, and pointed out that at the time of the IPO, the shares of Digi were listed at 40 lei and are currently priced at 28 lei (30% down) and keep going down.  click here to read the entire article
23.08.2018
     Angela Merkel inaugurated the highway in December 2005, less than a month after she became chancellor of Germany.
     The highway was built on the territory of the former East Germany, connects Lubeck and the Polish border, after the junction with A11, and goes through the electoral precinct of chancellor Merkel.  click here to read the entire article
20.08.2018
THE NATIONAL MINERAL RESOURCES AGENCY, IN A NOTIFICATION TO THE PRIME-MINISTER:
     The Romanian government has lost over 8 billion lei, between 2006-2018, following the failure to update the royalties paid by the oil and gas companies, says Gigi Dragomir, the president of the National Mineral Resources Agency (ANRM), in a report sent to the prime-minister.  click here to read the entire article
15.08.2018
      * (Interview with Radu Grațian Ghețea, President - CEO of CEC Bank)
     In banking there are many risks and that is why banks need to be flexible and have as diverse an exposure as possible, which take the market circumstances at the time into account, says Radu Grațian Ghețea, President and CEO of CEC Bank. He told us, in an interview: "We have to adapt to what is happening in the market and we need to do things in such a way that the economic activity and that of the bank both function properly. If we're going with the idea that we want to eliminate every risk, then we'll just stop doing anything. For instance, we have been and we are a bank which heavily funds agriculture, which also means animal husbandry. A few years ago, our exposure to the aviculture sector was rather significant, and when the avian flu came we had to cover some non-performing loans on that segment. Now that the avian flu is done, we are facing the swine flu. What should we do, stop lending?"
     Reporter: Lately, there have been opinions from some experts who are saying that there is a wave of non-performing loans of the ones taken out by the First Home Program. What is your comment on these statements?  click here to read the entire article
08.08.2018
     * (Interview with Laszlo Diosi, OTP Bank CEO)
     Reporter: How would you describe the banking market, at the present time?
     Laszlo Diosi: Even though there are plenty of challenges, there are also many opportunities for the Romanian banking system. The lessons of the financial-economic crisis have resulted in a better regulated framework, stable, transparent and predictable. The guiding line of the policies developed by the authorities that are qualified, but in particular by those with a regulatory and oversight role has been characterized by a balance between profitability and systemic safety.
     But there is no shortage of challenges. We are talking here about challenges which concern the digitalization of the banking system and the national and international legislation. The entire system needs to align with complex and sometimes confused regulations.
     Recorded by Emilia Olescu  click here to read the entire article
31.07.2018
     * (Interview with Dan Paul, the president of the Association of Brokers)
     The management of the Bucharest Stock Exchange (BVB) needs to find out from brokers whether Romania truly needs a derivatives market, says Dan Paul, the president of the Association of Brokers, who was kind enough to grant BURSA an interview.  click here to read the entire article
27.07.2018
THE DĂNCILĂ GOVERNMENT AFTER SIX MONTHS
     Now we know why prime-minister Dăncilă was in a hurry to announce the activity report for the first six months at the helm of the Romanian government: the nice tale of the hike of pensions and salaries wasn't supposed to be overshadowed by the evolution of budget expenses, whose increase has led the deficit of the consolidated general budget to 1.61% of the GDP, from 0.88% after the first five months of the year.  click here to read the entire article
23.07.2018
BECAUSE AN AGREEMENT ON THE PRICE COULDN'T BE REACHED,
     The public offer started by Vimetco and Conef for a stake of at most 53.77% of the shares of Alro Slatina (Alro) has been unsuccessful, as the issuer announced that due to the unfavorable market conditions, the shareholders, company and underwriters couldn't agree on a price for the volume of 383.79 million shares put up for sale.  click here to read the entire article
23.07.2018
ECONOMIC ANALYST AURELIAN DOCHIA PREDICTS:
     * According to Eurostat, Romania has the biggest governmental deficit in the EU
     The hike of some taxes, in the near future, is unavoidable, according to economic analyst Aurelian Dochia.
     His statement comes as, in the first quarter, the government's deficit has seen an increase over the last quarter of 2017, according to data by the European Statistics Office (Eurostat).  click here to read the entire article
13.07.2018
Russia World Cup
     The final tournament of the World Football Cup will end with a gala representation, the duel between Croatia and France. France, the with the most expensive players in the tournament, has met the expectations, Croatia is the biggest surprise the of the competition.  click here to read the entire article
.