English
On Tuesday, the Commercial Court of Cluj has rejected the request of SIF "Banat-Crişana" to annul the decision of the General Shareholder Meeting of Banca Transilvania which took place at the end of April. At the time, the shareholders rejected the request by SIF1 that the members of the bank"s board be elected by cumulative voting.
On April 28, the shareholders of Banca Transilvania elected the new members of the Board of Directors, reconfirming three administrators, namely the chairman of Board of Directors, Horia Ciorcilă, the managing director Robert Rekkers, and Roberto Marzanati, who represented the European Bank for Reconstruction and Development (EBRD) on the Board of Directors of TLV. However, in April"s elections Marzanati ran as an independent.
The managers of the financial investment companies "Banat-Crişana" (SIF1) and "Oltenia" (SIF5) requested, shortly before the General Shareholder Meetingof the bank, that the future members of the board be elected using the cumulative voting method, but the shareholders of the bank rejected the proposal. SIF1 did not raise enough votes to send a representative on the Board of the bank, but Costel Ceocea, the head of SIF "Moldova" was elected on the Board of the bank instead.
Also elected were Peter Franklin, the representative of the EBRD, Carmen Retegan, the managing director of Verida Credit IFN, and another one of the founders of Banca Transilvania, Radu Dănuţ Palagheanu.
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