Vasile Şalapa resigns from the helm of SIF5, for the second time

• Tudor Ciurezu takes over the management of the company

A new episode in the fight for power at the helm of SIF "Oltenia" yesterday recorded a new episode, as the management of the company suffered major changes, for the second time since the beginning of the year. Vasile Şalapa, who some voices claim was very close to Dinel Staicu, (who is now being pursued internationally), yesterday resigned from his position of president and CEO of SIF "Oltenia", claiming personal reasons. The resignation comes less three months since his taking over the management of the SIF, as successor to Dinel Staicu. The directors of SIF5 chose Tudor Ciurezu as his replacement, who until yesterday had served as vice-president/deputy managing director and whom some claim had drafted the company"s investment strategy.

Contacted by "BURSA", Vasile Şalapa said that his resignation was caused by personal reasons. He used the same justification in June 2006, when he resigned for the first time from SIF5, as he was replaced by Dinel Staicu.

Mr. Şalapa said: "I think electing Mr. Ciurezu at the helm of SIF Oltenia was a good thing. He is a university professor and one of the most experienced men on the capital market. He has reinvigorated the management of the SIF. My resignation has nothing to do with what has been happening lately at SIF5".

Recently, an internal audit report at SIF5 revealed that Teodor Buzatu, a member on the board of directors of the Company, who was also close to the former CEO according to sources, he involved several companies in the portfolio of the SIF in illegal deals. The position of M. Buzatu in the management of SIF5 will be discussed at the General Shareholder Meeting scheduled at the end of this month.

Last week, Dinel Staicu, who was sentenced to seven years in prison in the fraud case against the International Bank of Religions, who is being pursued internationally after he could no longer be found in Romania. Market sources claim that, with Dinel Staicu having fled the country, his influence on the company is beginning to shrink, and the people whom he supported in order to have them support his interests are increasingly losing ground at SIF5 and within the companies in its portfolio.