Cristian Sima and Dan Simionescu, in the line of sight of the shareholders of Sibex

• Two shareholders have asked for a lawsuit against the CEO of the Sibiu Exchange

• Four other shareholders have are taking similar action against Dan Simionescu

The General Shareholder Meeting of Sibex looks set to be stormy. On September 22nd, the shareholders of Sibex will be discussing the beginning of the action to hold liable CEO Cristian Sima, as well as administrator Dan Simionescu, after two groups of shareholders have asked for additions to the agenda.

The action to hold Cristian Sima was asked by "Delta Solar Investments", formerly "Delta Valori Mobiliare", and by Mirela Narcisa Grigoroiu, who together own about 9% of the shares of Sibex, and the one against Dan Simionescu was requested by "WBS România", "E.D. Engineering Impex", Vlad Cavarnali and Marian Renato Neagoe, who together own about 5.11% of the shares.

Dan Simionescu, who is the representative of SIF3 Transilvania on the Board of Sibex, told us that shareholders will decide in the General Shareholder Meeting whether or not they will approve the action to hold him liable, without making any further comments.

The General Shareholder Meeting was summoned at the request of "Delta Valori Mobiliare", "Super Gold Invest" and "Interfinbrok", which together own about 5.6375% of the shares of the Sibiu Exchange, and includes on the Agenda the dismissal of the Board of Directors and the election of a new one.

The shareholders have expressed their discontent at the weak results which the Sibiu Exchange has posted lately.

Sibex ended the first semester with losses of 149,054 lei, after posting a profit of just 1,795 lei, in the first quarter. Last year, the company lost about 600,000 lei.

The people who have asked for the action to hold Cristian Sima liable said that they will provide the reasons behind their request at the General Shareholder Meeting.

Alexandru Elian, of "Delta Solar Investments", said he would express his discontent in writing, but he also said that he feels that certain things which Cristian Sima did as CEO were not good for the Exchange.

Cristian Sima became the CEO of Sibex after a general shareholder meeting which caused a huge row, in April 2011, when former CEO - Teodor Ancuţa was fired, a decision which he later tried to have overturned by the courts.

In an interview, Cristian Sima said that he is still banking on the support of most of the shareholders, but Dan Simionescu, a member on the Board of Directors, said he doubts that Sima would have such support. Even though they are both on the Board of Directors, the two are open adversaries. Dan Simionescu denied almost all the statements made by Sima in the interview the latter granted to the BURSA newspaper, on Monday, September 3rd, and later, WBS Romania, where Cristian Sima used to be CEO and shareholder before becoming the CEO of Sibex, has asked for the representative of SIF3 to be held liable.