Sleep tight ASF! Lakis is working for you!

Despite the conviction of El Lakis Najib and Dragoş Bîlteanu for the manipulation of the capital market and for using in ill-faith the goods and credit of the company, the expansion of SIF Banat Crişana that they have begun continues to be assiduously prepared by them under the management of Bogdan Drăgoi, through maneuvers which, even though it may be glaringly obvious that they amount to the investors in SIF Oltenia acting in concert, they are still being tolerated by the Financial Oversight Authority (ASF).

SIF Banat Crişana and SIF Muntenia are financially involved in no less than eleven other investment funds (in some they are majority investors), which, in turn, hold some smaller or bigger crumbs of the shares of SIF Oltenia and which, together with the 5% aggregated stake which the two "mommy and daddy SIFs" hold in SIF Oltenia, they reach 28.4%.

The elimination of the 5% holding cap is only coming into effect on 5% on January 24th, so Drăgoi has been kind of in a hurry and he's been in a hurry for more than a year.

It is not allowed.

The acting in concert had to be declared.

But if the ASF is pretending not to see it...

The management of the ASF seems relatively irresponsible.

The Financial Oversight Authority (ASF) is the successor of the National Security Commission (CNVM), the most compromised Commission of the kind in the world, because Romania is the only country in the world where the head of the regulator of the stock market was arrested, handcuffed and sent to prison.

His name was Ştefan Boboc.

Along with him, two of the five commissioners of the CNVM went to prison as well.

People apparently respectable, university professor, washed the toilets in prison.

Do you know why they went to prison?

Because they pretended not to notice that the FNI (National Investment Fund) had been left without a depository bank for two years.

Since then, the CNVM / ASF has become a favorite suspect of the DNA (and I suppose of the SRI as well, which, between us, has acquired some expertise concerning the stock market, but I wonder what good it does it anyway), so that in 2014, Dan Radu Ruşanu, the president of the ASF, was arrested, spent four months in prison, after he was acquitted three years later.

Like the commercial goes: "Not one, but two!"

Do we want three?!

The ASF should stop being dazed and confused, or whatever state the connections, obligations of all kinds or payolas plunged it in, and stop hiding behind excuses of incompetence, because Laura Codruţa Kovesi is hot on their trail.

I seriously urge the leadership of the ASF is to evaluate whether it's worth going to jail, to facilitate the dismissal of Ciurezu and Fercală.

What has this stock market come to?!

Is it honorable to avoid taxes?

How can the investments of a SIF in tax havens be tolerated, as if it were normal for the shareholders not to know where their money is?!

What is the structure of shareholders in the eleven investment funds in which SIF Banat Crişana and SIF Muntenia are involved in?

What guarantees that these fourteen investment funds aren't, to different proportions, the personal property of El Lakis Najib?

I think Lakis has the money for that, because neither SIF Banat Crişana of Bogdan Drăgoi, nor SIF Muntenia (also his, I would say), didn't sue Lakis to recoup the total loss of approximately 14 million Euros.

So, can 14 million Euros be enough to control the 11 investment funds, together with the money from "mommy and daddy SIF"?

This brings up two or three more questions:

1. OK, OK, Lakis hasn't been sued by the SIFs, but how come Bogdan Drăgoi found it appropriate to take him as advisor?! Isn't it strange? Who is actually in charge of of SIF Banat Crişana: Bogdan Drăgoi or El Lakis Najib?

2. Can someone who has been convicted for the manipulation of the stock market, (such as for instance, El Lakis Najib), operate on the stock market?! Eugen Voicu, founder and majority shareholder of fund management firm Certinvest, was booted from the stock market for five years, in 1996, for a lot less! And that is without even being convicted! What is the ASF doing for Lakis?! Why is it giving Bogdan Drăgoi that freedom? Is the ASF wimpy or corrupt?

3. This would have been the question of late AMihai Antonescu concerning Hezbollah and investment funds in tax havens, but he is dead, and I'm not going to ask it, because I'm older and I die more easily; I'll leave it to the Romanian Intelligence Service, because it is an institution, not a man.

During the time of Adrian Năstase, as prime-minister and of Gabriela Anghelache, as president of the CNVM, this criss-cross of SIFs buying stakes in each other was prohibited.

The ASF lifted the ban.

Now we have the result of that ban being lifted.

In order to get like that, the market for investment funds had to go through numerous stages of deregulation.

What did it help with?

For an individual or a group to get their hands on all the SIFs, without spending much?

Why didn't you leave Sorin Ovidiu Vîntu do it, twenty five years ago?

At least he wouldn't have exported the profits!...