Daniel Ţepeş did in fact resign!

The lies of Daniel Ţepeş, or - as the press called him - the "biggest shareholder of the Bucharest Stock Exchange", began as follows:

"On the date of August 24th, 2010 I announced my intention to resign from the Council of the Bucharest Stock Exchange, and shortly afterwards, on the same day, after having discussed the decision with my colleagues on the Board, I went back on my decision. As a result, I will continue to serve as a member of the Committee of the Bucharest Stock Exchange."

• (A press statement by Daniel Ţepeş / 26.08.2010, published in BURSA, 27.08.2010)

Since at the time I had no proof that he was lying, all I could do was to uncover the discrepancies in his "statement", which proved that he had an interest in concealing his resignation and was willing to lie to do so:

"Mr. Daniel Ţepeş is interested in presenting his version of the facts, because if he has submitted his resignation in writing, it is inexplicable how he can still exert his mandate as member of the Council of the Exchange, even if he went back on his "decision". And the same goes for those who witnessed his decision."

• (The reply by "BURSA", published on August 27th, 2010)

But now we have the proof of his resignation.

It"s a resignation by the book - it is printed, recorded by the BSE on August 24th, with the serial number 8861 (see picture).

It"s not a nice thing for the member of the Council of the Bucharest Stock Exchange to lie.

But, the world won"t come to an end because of yet another lie, even if it comes from "the biggest shareholder of the Bucharest Stock Exchange".

However, the foundations of the Bucharest Stock Exchange begin to shake at the core when the Bucharest Stock Exchange itself issues a lying press release:

• "August 24th, 2010 - Press release -

The Bucharest Stock Exchange, (BVB) hereby announces that today, Mr. Daniel Ţepeş, a member of the council of the Board, has informed the Council on his decision to give n his position as administrator of the BSE, while also giving notice within the appropriate delays, in compliance with the provisions of his contract. Following the consultations with the members of the Board of Directors, Mr. Daniel Ţepeş went back on his decision."

No, Daniel Ţepeş did not "notify his intention to resign", he simply resigned.

Even if he had gone back on his decision a thousand times - that wouldn"t have made him a member of the Council of the Exchange again.

Because, if a resignation is a unilateral act of will, (and Daniel Ţepeş has as much the right to resign as does anyone else), nevertheless, the membership on the Board of the Exchange is granted by the General Assembly of the BSE. It is not something that can be turned on and off like flicking a light switch.

Apparently what really happened is that Ţepeş used his threat to resign as a means of blackmailing the other members of the Council of the Exchange, who allegedly were not willing to support his protégé as CEO of the BSE.

It is rumored that Ţepeş threatened he would summon for early elections and use them to replace the current council.

Once we have this information, we can look at the press release issued by the BSE in a different light, and then we understand what it means: that Ţepeş has caused the entire Council, including the honorable Stere Farmache, the chairman of the BSE, the man whose integrity we have admired over the past 15 years.