THE TAKEOVER OF THE PRESIDENCY OF SIBEX IS DELAYED The court prevents Cristian Sima from taking over as president of Sibex

• The courts of Sibiu have dismissed the decisions of the General Shareholder Meeting of April 29th, when the shareholders of Sibex elected a new management team

• Having not yet been validated by the Romanian National Securities Commission as the new president of the Sibiu Exchange, Cristian Sima can not take over the position on which he was elected

• The board of Sibex yesterday revoked the president in office Teodor Ancuţa, and replaced him with Dan Simionescu

Teodor Ancuţa was suspended yesterday from his position as president of the Sibiu Exchange, by the former Board of Directors of the company, as the members of the new Board that were elected at the end of April will have to wait a while to take over the management of Sibex.

Last Thursday, the Court of Sibiu issued a Presidential Ordinance that temporarily suspends the appointment of a new Board of Directors at Sibex, following a lawsuit filed by Nicolae Vaidescu, one of the shareholders of the company. Mr. Vaidescu has also requested the voiding of the decisions of the General Shareholder Meeting of April.

Dan Simionescu, of SIF "Transilvania" was elected yesterday as President-Managing Director of the Sibiu Exchange, in a meeting which he attended, together with Gabriel Filimon of SAI "Muntenia" and Anton Ionescu of "Broker" Cluj, according to a press release issued by the Exchange yesterday. Dan Simionescu and Gabriel Filimon are the only members of the old Board of Directors to be reelected.

Mr. Simionescu said: "Teodor Ancuţa has handed in his resignation from the position of managing director in early May, and we yesterday acknowledged that resignation and we have decided to suspend him from his position of president of the Exchange, seeing as he has already expressed his intention to resign several times. These decisions comply with those made by the shareholders of the General Shareholder Meeting held at the end of April, when Teodor Ancuţa was no longer elected on the new Board of Directors".

However, Mr. Ancuţa will remain on the Board of Directors of the Sibiu Exchange, at least until the courts reach a final ruling on the request to annul the requests of the General Shareholder Meeting of April, when Cristian Sima was elected as the president of Sibex.

"For now, we are back to the way things were prior to the elections of April", Dan Simionescu said. He added: "For now, Mr. Cristian Sima does not have any official function at Sibex. The old Board of Directors is still in office. We do not yet have all the legal information on the lawsuits involving filed by Mr. Vaidescu, but from what we understand the execution of the decisions of the Ordinary and Extraordinary Shareholder Meetings of Apil 29th was suspended".

Contacted by BURSA, Mr. Teodor Ancuţa said he was not aware of the fact that he the Board of Directors would hold a meeting today.

Still, Mr. Simionescu claims that all of the directors of the Exchange have been summoned to attend.

Yesterday, the Board of Directors of Sibex decided to revoke all the proxies and to terminate all the legal contracts concluded with the lawyers selected for providing representation on the cases found on the docket of the Court of Sibiu which concern the annulment of the decisions of the General Shareholder Meetin of April 29th. According to sources who did not wish to be named, lawyer Constantin Dichel was representing both parties involved in the lawsuit (the Sibiu Exchange and Mr. Nicolae Vaidescu).

Mr. Simionescu did not wish to confirm or deny these rumors, saying only that he was familiar with them.

Cristian Sima did not wish to comment on the situation which results from the fact that he execution of the decisions of the General Shareholder Meeting was suspended.