Eight companies are vying for the administration of the Proprietatea Fund

Eight companies of the USA, Great Britain, Austria and Switzerland, had already sent in their offers for the administration of the assets of the Proprietatea Fund, by noon, yesterday.

"AVIVA Global Services", "BlackRock", "Credit Suisse & OTP", "FINAG Holding Gmbh", "Franklin Templeton Investments", "ING Invest Management", "Morgan Stanley", "Julius Baer" are eight of the companies that sent in their offers for the management of the Proprietatea Fund.

Just two of the companies, "AVIVA Global Services" and "FINAG Holding" Gmbh are not part of the 28 companies that sent in letters of intent for the administration of the Fund by August 1st 2008.

According to the selection rules, the eight companies

were required to have managed more than 30 billion euros in total assets in 2006 and 2007, and have a professional liability insurance of at least 50 million Euros.

The expiration of the delay for the submission of the tenders came at the same time with the sudden removal of Sebastian Vlădescu from the position of chairman of the Commission for the Selection of the Fund Manager.

Through a decree signed on Tuesday night by the Prime Minister, in his stead was appointed Enache Jiru, former state secretary in the Ministry of Finance and Chairman of CEC bank during the Năstase government.

By means of the same decree, Galina Narcisa Oprea and Dinu Marin were appointed as members of the Commission.

"The first meeting of the new Selection Commission for choosing the new Manager of the Proprietatea Fund took place yesterday morning. As the decree of the Prime Minister provides, we have ten days to evaluate the selection process" stated Mr. Enache Jiru for the "Bursa" newspaper.

It is as of now uncertain specifically what part of the selection process will be evaluated by the new members of the Commission and what are the recommendations of the Prime Minister on that matter.

It has to be reminded that last year, Mircea Geoană the chairman of the PSD, said he would dismantle the Proprietatea Fund, claiming the latter had become a "party bank", and the Selection Commission had acquired "discretionary powers."