Muntenia Invest, the company that manages SIF Muntenia''s assets of over 170 million euros, has been caught in the middle of a power struggle between former chairman Teodor Mihaescu and Ulm Spineanu, the chairman of Grupul Financiar Muntenia (GFM). GFM, which is owned by SIF Muntenia employees, is the main shareholder in Muntenia Invest.
At the same time, one of SIF Muntenia''s main shareholders, Catalin Chelu from Galati, who according to the latest market information owns close to 10% in SIF Muntenia, has proposed dropping the current management company and letting SIF Muntenia take over from it.
The dispute was at its worst during the GFM General Meeting of Shareholders when Mihaescu demanded that Spineanu step down from his position as chairman of the company. "There was some talk during the GM when the resignation of Mr Spineanu came up due to his failure to do his job as he was supposed to," said Mihaescu, though he declined to provide any further details as to why Spineanu''s resignation has been called for.
Mihaescu was recently removed from his position at the top of Muntenia Invest by majority shareholder GFM. The National Securities Commission (CNVM) had requested that Muntenia Invest shareholders debate the suspension, dismissal or maintenance of current managers at the management company.
Mihaescu has recently been charged in a number of criminal cases, and information in the press also links him to a series of infringements of the law.
"I have no personal conflict with Mr Mihaescu. And I have no further comment," said Spineanu, who was a reform minister in the Ciorbea cabinet.
SIF Muntenia''s General Meeting of Shareholders saw some heavy exchanges between Chelu, one of SIF''s main shareholders, and the management, when he demanded the contract with the management company be terminated.
Chelu, who is one of SIF Muntenia''s most important shareholders, does not have a say in the administration of the company''s portfolio, although he has two of his men on the Board of Directors. The General Meeting of Shareholders was unable to reach a decision as to how SIF Muntenia should be managed, because of the lack of a quorum.
Almost half of SIF Muntenia''s shares are held by more than eight million individual shareholders thanks to the Mass Privatisation Programme, and these do not attend General Meetings and do not normally collect their dividends.
SIF Muntenia has been the weakest performer of the five SIFs for the last few years, and its shares are priced cheaper than those of the other four companies on the stock exchange.
The position of chairman at Muntenia Invest is expected to go to Petre Szel, currently the manager of Muntenia Consult, which is another GFM company. Szel was once the head of Private Ownership Fund IV, which later became what is today SIF Muntenia.
Szel''s candidacy was submitted to CNVM for approval and Muntenia Invest shareholders will meet on Monday to elect the new chairman following CNVM endorsement.
vlad.nicolaescu@zf.ro
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