The CNVM forces Sibex to summon a new General Shareholder Meeting

• The capital market watchdog sent one of its representatives to the Sibiu Exchange

According to an Ordinance issued on Friday, the Romanian National Securities Commission (CNVM) is forcing the Board of Directors of the Sibiu Exchange to appoint a temporary administrator, until the next General Meeting of Shareholders, to replace the head of HTI Valori Mobiliare, Cosmin Ivan, who resigned in the beginning of last month.

The capital market watchdog has also forced the Board of Directors of Sibex to summon the General Shareholder Meeting, within two working days after the enactment of the Ordinance, in order to elect an administrator on the vacant seat of the Board of Directors for the remainder of the mandate of Cosmin Ivan, as well as to validate the second manager of the company, according to the company"s bylaws.

The Emergency Ordinance comes as the market had expectations that the Romanian National Securities Commission would validate the members of the Board of Directors elected in the General Shareholder Meeting held at the end of April. However, the enactment of the decision of the General Shareholder Meeting was suspended by a court ruling, at the end of last month, causing the Romanian National Securities Commission to put the validation of the directors elected in April on stand-by.

"We can"t go over the court"s decision, as the rulings of the Court of Sibiu are valid erga omnes (ed. note: binding for everyone)", CNVM commissioner Bogdan Chetreanu said for "BURSA", adding: "First of all, this issue needs to be solved in court, because there is nothing for the Romanian National Securities Commission to validate, given the fact that the election of the new Board of Directors was invalidated. Once we solve this issue, we will go over to validating new administrators ... We don"t expect them to have any eligibility issues.

The Ordinance of the Commission requires the old Board of Directors to get together and to appoint an interim administrator ... Basically, they can appoint anyone ... Our interest is for this company (ed. note: Sibex) to function normally, just like it did until now".

According to some market sources who did not wish to be named, the CNVM has also decided to send a representative to the Sibiu Exchange, for a period of two months: Mr. Popescu Moscu.

The former Board of Directors of Sibex consists of Teodor Ancuţa, Dan Simionescu (SIF Transilvania), Gabriel Filimon (SAI Muntenia) and Anton Ionescu of "Broker Cluj". The Directors elected in the General Shareholder Meeting of April are: Gabriel Filimon, Dan Simionescu, Paul Miclăuş, Alexandru Găitan and Cristian Sima.

The officials of Sibex have announced that they have appealed the court ruling which decided the suspension of the decisions made in the Ordinary and Extraordinary General Meetings of Shareholders of April, at the request of Nicolae Vaidescu, WK Group SRL and International ESI. There is however another ongoing lawsuit filed with the Court of Sibiu, in which Mr. Vaidescu and the two companies have requested the cancellation of the decisions of the General Shareholder Meeting, for which the next hearing has been set for June 8th.