"We will continue our research at the SIFs (financial investment companies) and conduct a performance audit," Dan Drosu Saguna, Court of Accounts chairman told Ziarul Financiar yesterday. His statement comes after the turmoil on the market, when SIF shares plummeted on the Stock Exchange, once word of the dispute between the Court of Accounts and the SIFs' management leaked. Subsequently, SIF shares have lost nearly 25% over the last thirty days.
The decline was even faster in the last few days, after three of the SIFs, Moldova, Banat-Crisana and Transilvania went public with their position on the Court of Accounts' control. The three are challenging this action. Dan Drosu Saguna says the idea of a control was prompted by certain stories in the press, that made the Court take action. "It's ten million shareholders out there and someone has to tell them how their money was managed," Saguna says. He added he understood the psychological reasons for the tension on the market. "The Court of Accounts is not on a hunt for someone or something. It wants to make a positive impact, especially when it comes to prevention. Those controlled need not worry," he says. "It won't come to legal responsibility," Saguna added, saying the results of the research would eventually reach Parliament. Still, in a different context, he says a legal procedure is not out of the question in case the law is found to have been broken. As for justifying the control of private companies, Saguna says public funds may also spring from the association of several people and that, should the need arise, the Court may call on to a condo owners association. When it comes to the special SIF case, the Court argues that not all the privatisation coupons have found an owner, so that even though only 1% of the property distributed 12 years ago was left unprivatised, the 1% rightfully belongs to the State and the Court has to check how the money is being spent.
On the other hand, SIF Muntenia is to issue a release today to challenge the action of the Court. Chairman Gheorghe Popa told Ziarul Financiar SIF Muntenia had submitted a motion to Parliament, requesting the control to stop, arguing SIFs do not fall in the scope of the Court of Accounts.
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