"BROKER" CLUJ-NAPOCA SHOCKER Petru Prunea, removed from his chairman position by the company"s administrators

Izabela Sîrbu

• The former chairman is asking for the voiding of the Board"s meeting

After being at the helm of "Broker" Cluj-Napoca brokerage firm for more than 15 years, Petru Prunea was replaced by Anton Ionescu, according to a press release sent on Friday to the Bucharest Stock Exchange.

Mr. Prunea regretfully said that the members of the Board have gradually reached this decision, after he fought certain decisions that other administrators have tried to impose.

"Over time, I have challenged several decisions that would have been disastrous for the company, such as repeated share capital increases, the 2008 dividend policy, and the merger policy", Mr. Prunea said.

The first dissensions within the Board of Administration appeared as far back as last year, when Miron Martin, the second large shareholder in the company, resigned. However, he returned this year, after Ioan Cârtiş, the company"s main shareholder, was forced to resign because of health issues.

The former "Broker" Cluj-Napoca chairman feels that the members of the Board did not act according to the law, emphasizing that they abusively disregarded the company"s bylaws, which states that the company"s chairman also serves as a general manager.

"Six members of the board, who together control 22% of the shares and who lack the economic knowledge to make such a decision, have decided to remove me in and replace me with Anton Ionescu", Prunea also said.

Mr. Prunea currently remains the general director of the company, with the upcoming April General Meeting of the Board to establish the bylaws of the brokerage firm and the revenue and expense budget for this year.

Petru Prunea also said he is going to ask for the change of the Board.

Mr. Prunea is one of the founders of "Broker" Cluj, that he has helmed ever since its incorporation, and he considers it "his own child". He has constantly been involved in the development of the brokerage firm, which has become one of the best financial services providers in Romania, also being the only company of its kind listed on the Bucharest Stock Exchange.

The company has been seriously affected by the sharp drop of its net profit down to 1.36 million lei, from over 38 million lei in 2007. Its market capitalization has dropped to only 8 million Euros, compared to its 2007 valuation of 150 million Euros.

Also, a series of irregularities uncovered by the Romanian National Securities Commission (CNVM), at the beginning of this year, compounded the damage done to the company and its reputation.

In Friday"s trading session, after the publication of the press release announcing the removal of Mr. Petru Prunea from his position of chairman, shares of "Broker" Cluj-Napoca (BRK) rose 12.26%, reaching a high of 0.121 lei/share.