English
In the year 2001, Dan Paul contested before CNVM Mihai Fercala's right to be president of SIF Transilvania arguing that this position was incompatible with his seat on The Board of The Romanian Commercial Bank (BCR), to which he had been appointed on behalf of SIF Transilvania.
CNVM denied the contestation. Paul took CNVM to court and eventually won before The Supreme Court of Romania. Nevertheless, CNVM stalled the enforcement of The Supreme Court's ruling (the consequence of the ruling being the invalidation of Fercala's presidency), which explains which Gabriela Anghelache's recent resolution caused astonishment.
The resolution is all the more surprising because Mihai Fercala on April 6th resigned from The BCR Board so it appears that he has been invalidated retroactively for a conflict of interests that no longer exists.
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