The decapitation SIF Oltenia by SIF Banat Crişana, with the complicity of the ASF

English Section / 05 octombrie 2020

The decapitation SIF Oltenia by SIF Banat Crişana, with the complicity of the ASF

There is no official explanation for the fact that the vice-president of SIF Oltenia, Cristian Buşu, is being exempted from the proposed personal liability proceeding formulated by the SIF Banat Crişana & SIF Muntenia & Fondul Deschis de Investiţii Certinvest BET FI Index & Fondul Deschis de Investiţii Certinvest XT Index & Fondul de Investiţii Alternativ Certinvest Acţiuni alliance.

SIF Banat Crişana & SIF Muntenia have asked for the inclusion on the agenda of the AGOA of SIF Oltenia of October 12-13 2020 the personal liability proceeding against managers Tudor Ciurezu, Anina Radu, Carmen Popa and Nicolae Stoian, on claims that they have harmed SIF Oltenia, by taking out a loan of 30 million lei from Banca Transilvania, în order to pay dividends, when they could have been paid using the company's own funds.

The vice-president of SIF Oltenia, Cristian Buşu, member on the Board of directors of SIF Oltenia, has agreed to the loan, together with four other members.

In fact, he even signed the loan, his signature being the second together with that of Ciurezu.

Exempting Buşu from the personal liability proceeding proves that the discontent of the shareholders of SIF Banat Crişana & SIF Muntenia against the managers is not real, and the proposal to bring a liability proceeding against the other administrators is done in ill-faith.

In fact, as Tudor Ciurezu explains in the press release of September 17, 2020, the loan has actually helped SIF Oltenia make money, as it has avoided selling stocks that brought in dividends which overwhelmingly bigger than the interest payments on the loan.

Considering that SIF Banat Crişana and SIF Muntenia are companies that compete with SIF Oltenia, the unfounded charges made under the threat of bringing a criminal liability proceeding (based on arguments that do not match reality) should have called the attention of the Financial Oversight Authority, which is entitled by Law no. 24/2017 concerning the issuers of financial instruments and market operations to acknowledge the good faith of the shareholders:

"Art. 46. - (3) Holders of securities exercise their rights derived from the former in good-faith, while respecting the rights and interests of the legitimate interests of the other holders and of the issuer, or else they will be liable for the losses caused.

- (4) The abusive use of the position held by shareholders or of the position of manager or employee of the issuer, by resorting to unfair actions or fraudulent actions, which are intended to harm the rights on securities and of other financial instruments held, as well as the harming of their owners is forbidden".

Obviously , SIF Banat Crişana is abusing its position as a shareholder and is playing a hostile game, whereby it seeks to obtain dominance over the management of SIF Oltenia, seeking to impose a management that would be harmful to the other shareholders.

The expansion strategy of SIF Banat Crişana was designed seven years ago by Dragoş Bîlteanu and Najib el Lakis, who last year were convicted to a three years in prison suspended sentence, for money laundering and stock market manipulation.

Currently serving his sentence, Lakis is being tolerated by the Financial Oversight Authority to operate on the stock market, as consultant to the chairman of SIF Banat Crişana.

Lakis has transferred to him the "know how" which has led to his sentencing, delivering to Bogdan Drăgoi the system for manipulating the NAV of SIF Banat Crişana, as well as the system of the closed funds through which they control the General Shareholder Meeting at SIF Banat Crişana, the General Shareholder Meeting of SIF Muntenia and that of SIF Oltenia.

Both systems involve the connivance of the Financial Oversight Authority, a role where ASF vice-president Gabriel Grădinescu stands out, by often behaving ambiguously and even absurdly in his relations with SIF Oltenia, but tolerating any illegality,no matter how obvious and important, committed by the alliance of SIF Banat Crişana, SIF Muntenia, Fondul Deschis de Investiţii Certinvest BET FI Index, Fondul Deschis de Investiţii Certinvest XT Index, Fondul de Investiţii Alternativ Certinvest Acţiuni & other investment funds.

Grădinescu recently underwent the directors of SIF Oltenia in analyses which are within their competence, as if they had already been dismissed and thus implicitly revealing his intentions.

In fact, the ASF has notified the managers of SIF Oltenia that he intends to "reevaluate them", even though they are already at the end of their term, in fact even threatened with being dismissed by Lakis' "cooperative".

The complicity of the ASF with the ASF suggests that without a radical intervention from the DNA, the DIICOT or another institution of the kind, the outcome of this aggression can no longer be avoided.

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