English
The Brasov City Court has suspended the implementation the Transilvania - Brasov (BSE:SIF3) shareholders" decision to increase capital following the contestation filed by Cocor - Bucharest (RASDAQ:COCR), a shareholder in SIF3. "The ruling of the Brasov City Court is a result of the judiciary reform, which proves that the court is fair," said COCR representative Dan Barbulescu.
In turn, SIF3 notified the BSE that they were going to appeal the Brasov City Court"s ruling. Mihai Fercala, CEO of SIF Transilvania, said: "I believe the Court has ruled against the law, a law which SIF3 has always observed. We have not yet received the explanatory note for the ruling, but we have filed an appeal with the Brasov Court of Appeal."
SIF3 has asked BSE and the National Securities Commission (CNVM) to consider suspending SIF3 shares from trading to protect them during the period of uncertainty. "It is logical that SIF3 shares should be suspended, in order to protect shareholders. We want to avoid becoming a case such as ALRO or Oltchim," said Fercala.
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