Former secretary of state gets 4m euros for 20% in Concordia A 4

Ioan Bejan, a former secretary of state with the Economy Ministry, currently a real estate consultant, late last week sold a 20% stake in Concordia A4 real estate firm, raising 16.8m RON (4m euros). Bejan thus multiplied his money 44 times in less than five years, in the context where he bought the 20% stake in Concordia A4 capital at the end of 2005 in a deal worth almost 382,000 RON (105,000 euros), at a price of 2.1 RON/share. Ioan Bejan is currently a partner in GreenMax Capital Advisors consulting services firm, and in March-November 2009 worked as a secretary of stat with the Economy Ministry. He was also a development manager with Raiffeisen Banca pentru Locuinte. The businessman sold the stake he owned in Concordia A4 at a price of 93 RON/share, more than 7 times higher than the latest quote on the market. The buyers are two investment vehicles, namely Pazona Limited of the Belize Islands, which acquired 14.91% of the stake sold by Bejan, and Wardino Management Limited Nicosia of Cyprus, which at the end of the week was reported to hold 5.07% in Concordia A 4 Bucharest. The deals value the real estate firm at 84.6m RON (over 20m euros).