Craiova-based businessman Dinel Staicu, an outspoken fan of the Ceausescu family, has officially taken over financial investment company (SIF) Oltenia, one of Romania''s most profitable companies, with a market value of 380 million euros and a 14 million-euro profit in the first four months of the year. Fifty-year old Staicu at the end of last week was appointed chairman and general manager of the company by the Board, after a power strife that lasted for several months. He still needs an authorisation from CNVM (the National Securities Commission) in order to take over the above-mentioned positions.
SIF Oltenia controls 6.12% in BCR, more than 5% in BRD, 0.9% of Petrom and 5% in Banca Transilvania, and also holds stakes in several hundred Romanian companies. Its stake in BCR is worth 370 million euros (considering the price paid for the main stake by Austrian-based Erste), whereas the BRD shares are worth 175 million euros. Moreover, the company''s cash reserves revolve around 10 million euros.
Dinel Staicu replaces former general manager Margareta Racovita, who represented businessman Catalin Chelu and did not receive the necessary authorisation from CNVM, given her lack of expertise in managing investment funds. Catalin Chelu is one of the main SIF Oltenia shareholders, with an over 10% stake according to market sources.
Staicu will take over the position of chairman from Vasile Salapa, who had been running the company for several years and who had also been SIF Oltenia''s general manager until April this year.
Margareta Racovita remains a member of the Board and of the Managing Committee, but lost the position of head of the Managing Committee to Tudor Ciurezu, deputy-chairman and deputy-general manager.
According to market information, Dinel Staicu indirectly controls 5% in SIF Oltenia, after having sold a part of his stake several years ago. He could not be contacted yesterday to comment on the takeover of the financial investment company.
Dinel Staicu, former owner of the Universitatea Craiova football club (which slipped to the B division during his mandate) was a policeman before 1989.
He started several businesses after the Revolution, from petrol stations to hothouses. His name was also linked to Banca Internationala a Religiilor (International Bank of Religions - BIR), which went bankrupt in 2000. In fact, the National Anti-corruption Prosecutor''s Office was investigating him last year in connection to the fraud at BIR. According to the prosecutors, the fraud amounted to 450 billion ROL (about 13 million euros).
After the Revolution, Staicu got his Ph. D in economy, with a thesis entitled "Underground Economy," which allowed him to sit on the SIF Oltenia Board. He caused a scandal when he built a theme park dedicated to the Ceausescu family near Craiova, where he amassed many items from the communist era.
vlad.nicolaescu@zf.ro ; andrei.chirileasa@zf.ro
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