Sibex has a new management

• Dan Simionescu stays on the Board

• Sources: Valentin Ionescu, Iancu Stavrositu, Daniel Grigoropol and Cristina Duţu, the new directors

• The Sima scandal caused no losses in the accounts of Sibex

Dan Simionescu, of SIF3 Transilvania, is the only member of the Board who was not dismissed by the shareholders in yesterday's General Meeting.

Thus, the new management will only have four new members, following yesterday's elections. According to some market sources, their names are: Valentin Ionescu, of SIF2 Moldova, Iancu Adrian Stavrositu, proposed by SSIF Interfinbrok Corporation, Cristina Manuela Duţu, proposed by Bogdan Baloşan (who owns 5% of Sibex) and Daniel Grigoropol, proposed by Georgeta Camelia Grecu.

The shareholders of the Sibiu Exchange met yesterday, around 12:00. The agenda of the meeting included the revocation and the dismissal of the Board of Directors, holding former CEO Cristian Sima and Dan Simionescu liable, as well as the presentation of some activity reports of Sibex and of restructuring plans.

Market sources said that the presence was approximately 65% of the share capital.

Paul Miclăuş chose to resign from the Board of Directors prior to the beginning of the Shareholder Meeting, which was presided by Dan Simionescu.

According to some sources, the president of the meeting yesterday said that there are no losses in the accounts of Sibex, after the Sima scandal, and the auditor confirmed the fact.

At the General Shareholder Meeting, the candidates for the Board of Directors presented their plans for future of the exchange.

One small shareholder said that Iancu Stavrositu, of SSIF Interfinbrok Corporation, and Marius Dorel Olteanu, of SAI SIRA, were the only ones with positive speeches, whereas the others, were, in his opinion, "mediocre or lacking vision".

The shareholders of Sibex have also approved yesterday, the holding liable of Cristian Sima, even though it wasn't that clear what prejudice he had caused to Sibex, considering that the auditor had already established that the auditor had determined that there was no money missing from the accounts.

Also, the shareholders did not agree to holding Dan Simionescu liable.

The negotiations for the election of the new management lasted up until the very last minute. The shareholders even met for a "cocktail" on Sunday night for the final talks. It would appear that late in the night they had reached an agreement, but throughout yesterday's morning, some shareholders would still sway from one camp to the next.

It would seem that the main factions were coagulated around SIF Moldova and its candidate Valentin Ionescu on one hand, and around Bogdan Baloşan (who owns 5% of Sibex) and Dan Simionescu of SIF3 Transilvania.