Ioan Cuzman, chairman of SIF Banat-Crisana (SIF1 financialinvestment company), has relinquished three of the seven positionsin the Board of Directors to investors grouped around HoriaCiorcila, chairman of Banca Transilvania.
The chairman of Banca Transilvania (TLV), Horia Ciorcila, wasappointed interim member of the Board of Directors, which managesthe 330 million-euro assets of SIF Banat-Crisana (SIF1), afterPavel Belean resigned a few days after the management of SIF1announced Ciorcila would get a position in the Board as soon as anopening occurred. A month ago Claudiu Silaghi, member of BancaTransilvania's Board and Dragos Balteanu, general manager ofRomenergo group got interim seats in SIF1's Board, too.
The moves are part of a deal between the management of SIFBanat-Crisana and the group of investors around Horia Ciorcila, whowill drop lawsuits brought against SIF1 after the General Meetingof Shareholders (GM) in April 2009 when the Board of Directors waselected. All the suits will be solved after the appointment of thethree has been validated by the shareholders in the GM.
Ciorcila was the only representative of the investors group electedin the Board of SIF Banat-Crisana in April 2009, but he resignedafter less than a week because some of the shareholders contestedhow things occurred in the GM. The management of SIF Banat-Crisanathen decided to limit voting rights of a group of 23 investors,among whom Ciorcila, to 1%, a group that together hold around 17.5%of the shares of SIF1, accusing them of acting in concert.
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