Feud for SIF Oltenia management

The Presidents of two financial investment companies (SIF), Catalin Chelu, head of SIF Moldova, and Dinel Staicu, President of SIF Oltenia, are fighting for the management of the latter financial investment company.

SIF Oltenia has net assets worth €607 million.

The company's shareholders association on Friday confirmed Dinel Staicu as President. However, his main opponent, Catalin Chelu, said he appeal this decision in court. "I will appeal the decision because Mr. Dinel Staicu was maintained in this position due to illegal suspension of more than half of shareholders' votes, on grounds that their participations are connected to mine," Chelu told Business Standard.

He added he only controls 1.1 percent of SIF Oltenia shares.

Chelu denied he would give up his managing position at SIF Moldova to take over SIF Oltenia, but said "there are professionals more suited for this position than Dinel Staicu, who is investigated by the [National Anticorruption Department] DNA".

Staicu said on Friday that he would step down temporarily, "so no one can say that this position helps me to avoid the law. Probably Mr. Chelu really wants to become the institution's manager."

Business Standard