FP shareholders voted a new Council for Supervision and approved the Franklin Templeton contract

Publish date: 12-02-2010
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The General Meeting of Shareholders of Fond Proprietatea approved a new council for supervision among whose members we find Pogea Gheorghe, the former finances minister and Gratiela Iordache, the state secretary in the ministry of finances. The FP shareholders chose Lucian Croitoru as well, although he had announced he withdrew his application.

In the council of supervision there were elected Ene Dinga, Nicoleta Dumitrean, Romulus Goean si Corin Trandafir, a Fond Proprietatea press release says.At the same time, the General Meeting of Shareholders approved the final management contract which is to be signed with Franklin Templeton Investment Management.

At the same time,Enache Jiru, the chairman of the selection commission was elected to sign on behalf of the Fond the management contract with Franklin Templeton Investment Management.

The Fond Proprietatea shareholders approved on 7 September 2009 the management contract with the American investment fund Franklin Templeton in the context where the representatives of the majority shareholders of the Fund, the ministry of finances were present at the meeting, but later on the finances forced the renegotiation of the contract with Franklin Templeton.

Fond Proprietatea was created in 2005 as a solution to pay back the owners who had been robbed by the communist regime and who could not be paid as such. The fund has participation in 88 companies, most of them in the electricity domain. The state promised, when created the fund to list FP on the Bucharest stock exchange and on an international market which would have allowed the shareholders to put to value their bonds. But the listing term was postponed, the latest statements showing that it will be made in 2010.

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