EnglishOn Saturday, the Board of Directors of Financial Investment Company "Oltenia" (SIF5) elected Vasile Şalapa as chairman and CEO, replacing Dinel Staicu, market sources confirmed for BURSA.
Thus, Vasile Şalapa returns to SIF 5, almost five years after being dismissed by the company"s board of directors. In June 2006, he was replaced by Dinel Staicu. The departure of Şalapa from the management of SIF5, in 2006, was preceded by conflicts within the board of directors of SIF5, in which some of the members of the board accused their colleagues of making illegal decisions, such as sacking the company"s directors (Vasile Şalapa and Tudor Ciurezu). At the time, the shaky state of things at SIF "Oltenia" caused the Romanian National Securities Commission to issue an Ordinance by which it set up the oversight of the portfolio management and the preservation of assets for 60 days. Vladimir Cojocaru the head of the Oversight Division of the Romanian National Securities Commission was empowered at the time, to oversee on site, at the headquarters of SIF5, all the decisions and deeds of the company related to the structure of its portfolio and the value of its assets.
At the end of last year, Dinel Staicu announced that he would resign starting with February 2nd, shortly after the court of Bucharest sentenced to 12 years of prison in the case of fraud against the International Bank of Religions.
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