Most members of the Board of Directors of SIF Banat-Crisana (SIF1) were re-elected for new a four-year term during the General Meeting of Shareholders on Saturday, but the main shareholders complain about significant irregularities in the way the GM was conducted and in the manner in which the SIF management cancelled the votes of more than 20% of the shares, which influenced the final result of the voting. Several groups of powerful shareholders attempted to change SIF Banat-Crisana’s management, which has been managing SIF’s assets for more than thirteen years, but only Horia Ciorcila, Banca Transilvania chairman, managed to get a seat in the Board.
Banca Transilvania says that the votes of the funds managed by BT Asset Management were illegally cancelled, after CNVM (National Securities Commission) had sent a notice to the SIF management on Friday in which it said it did not believe the funds in question were acting in concert. During the general meeting, the representatives of some foreign funds, such as Firebird, demanded explanations from the SIF management about the decision to cancel their votes on the grounds that they were acting in concert with Banca Transilvania.
"I was shocked and felt like I was sent 20 years back in time. More than half of the votes cast were not taken into account, just because the old Board of Directors said so, without any explanation. I would like to say that that was not my case, I expressed the 1% that I hold without any obstruction. However, I was shocked by the lack of respect and decency, by the arrogance with which Mr. Cuzman treated us, as if we, the shareholders, were some intruders that had the nerve to bother him," Octavian Radu, owner of the RTC Group, who ran for a seat in the Board of Directors of SIF1, told ZF.
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