The opening of the new Cocor Store shopping centre in centralBucharest is expected to see Cocor company's turnover hit a recordhigh of 20.2 million RON (4.86 million euros) this year, accordingto the company's draft budget, but the almost one-year delay inopening the store, the higher than originally expected constructioncosts and the dropping of the luxury store concept, have heightenedthe conflict between some of the shareholders and the company'smanagement.
Aurel Besliu, former chairman of Cocor until 2005, who directly andindirectly holds 16% in the company, has asked that no less than 15points be added to the agenda of the General Meeting ofShareholders at the end of this week, demanding explanations fromthe Board of Directors (BD) on the discrepancies between theinitial modernisation project of the Cocor store and what has beenachieved so far, as well as on the sale of shares and oncompensation awarded to some of the members of the BD.
As for the executive managers of Cocor, who represent the group ofshareholders that consists of investment fund BroadhurstInvestment, Daniel Stoica and Liviu Ursan, who control thecompany's majority stake, have sought to respond to the issuesraised by Besliu by publishing contracts sealed with constructioncompanies and with the companies in charge of finding tenants forthe new complex.
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