Suspicious deals during the tenure of the former president of SIF "Moldova"

An internal investigation at SIF2 "Moldova" has found that the sale of a commercial space in the of Bacău to Mr. Alexandru Matei (former president and CEO and current board member of SIF2) was made in the absence of any other competing bids, and the operation was not carried out within the limits and the conditions set by the shareholders in April 2004, according to a communiqué by SIF2. The officials of the company have announced that SIF "Moldova" has decided to take the necessary steps to identify any potential losses incurred by the company following the deal.

The internal investigation has also uncovered a potential conflict of interest in the case of the sale of a commercial space owned by Gastrocom Iaşi (in which SIF2 is a majority shareholder) to "LEES COM" SRL Iaşi (contract which was concluded on November 27th, 2004). The conflict of interest, which was not disclosed at the time, comes from the fact that Mr. Alexandru Matei had deciding power, either directly or indirectly, in the entities which participated in the deal, the communiqué by SIF2 also states.

The officials of SIF2 have also said that after they were informed of the findings of the internal audit, the members of the board and those who have previously served on the Board of Directors SIF "Moldova" (Costel Ceocea, Claudiu Doroş, Dumitru Bontaş and Iosefina Moroşan) still stand by their decision not to support the deal, which they have expressed in the meetings of the Board,.

The latter took place following the request of a shareholder made in the General Shareholder Meeting of April 2010 and by several directors on the meeting of the Board held on March 17th, the press release states.