EnglishWhat the BURSA newspaper announced in recent months - namely that Bogdan Dragoi is preparing to take over Fondul Proprietatea - was confirmed yesterday, at the meeting of the General Meeting of Shareholders of Fondul Proprietatea. Of course, with the help of a former member of the Board of Representatives, who chose to sell all his shares after the Lion Capital offer for FP shares had ended.
And the first step was taken at the AGM meeting on February 26, when the secretary of the meeting was elected, with 64.5% of the votes cast, shareholder Marcel Gheorghe, proposed by Lion Capital, i.e. the investment fund controlled by Bogdan Drăgoi.
The next step consisted in rejecting the buyback program intended to reduce FP's share capital, which led Marius Dan, CEO of Franklin Templeton International Services S.à r.l - Bucharest Branch, to state: "This is the first time in the last 15 years that a buyback program has been rejected."
The third step was immediately taken, when, with 50.6% of the votes, the granting of a new four-year mandate to Franklin Templeton, as administrator of the Proprietatea Fund, was rejected, and, in order to make it clear that the games are being played in favor of the Ministry of Finance and the Dragoi clan, the shareholders approved - with 53.6% of the votes cast, while 31.7% of the votes were abstentions - the appointment of Franklin Templeton as administrator of the Proprietatea Fund for a period of one year, between April 1, 2026 and April 1, 2027, under the conditions proposed by the representatives of the public institution.
After which it continued with the revocation, at the proposal of the Ministry of Finance, from the Committee of Representatives, of Istvan Sarkany and Florian Munteanu, the latter elected to the FP board in December last year and known as one of the investors who have repeatedly reported irregularities in our capital market, especially regarding the activity of SIFs.
Regarding the FP situation after yesterday's meeting, Ben Madadi, an investor in the capital market in our country, told us:
"I have said and written several times, since 2021 until now, that the siphoners, that is, the owners of the former SIFs (now, they would have the current names, from embarrassing to embarrassing: Lion, Evergent, Transilvania, Longshield and Infinity), represent the biggest problem and a real threat to normal investors, large and small, in the Romanian capital market.
Many said that this is not their problem, because they bypass the shares in SIFs. I also replied then that "SIFs do not bypass you".
Soon, Fondul Proprietatea will be conquered by the siphoners. They will also manage Fondul Proprietatea. Now, probably, more people realize that my warning was a serious one. I kept a lot of shares in SIFs and I also have shares in FP. But not about that it is about the quality of management, about corporate governance and, above all, about transparency. Unfortunately, all these qualities are missing from the Bucharest Stock Exchange and, due to the toxic influence of the siphonaries, they will continue to be missing. The Romanian capital market will continue to be a dangerous and unhealthy place for passive and bona fide investors. Those like me have a better chance of doing well. But that is not the purpose of a modern and serious market, which could offer real opportunities for the population and for the economy”.
It remains to be seen what will happen in the coming period, given that the Romanian State has expressed its intention to buy back from the Proprietatea Fund the shares it holds in the National Airports Company of Bucharest and the National Maritime Ports Administration Company of Constanta.
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