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New chairman for Proprietatea Fund

de     HotNews.ro
Miercuri, 10 mai 2006, 0:00


The Romanian Finance Ministry decided on Tuesday to replace four out of six directors of the Supervisory Council that runs the Proprietatea Fund, but also of the chairman Nicolae Ivan. Alexandru Paunescu was appointed as the new chairman of the Fund.

Paunescu comes from the National Bank of Romania. The other members are Ciorcoda Silvia, Claudia Rosianu, Ioan Hidan and Nicolae Dinca. The other two members of the Council kept their positions: Ingrid Zaarour si Iulian Hutuca.

The Fund’s activity was severely criticized lately as some dysfunctions were observed that need urgent solving. However, the former chairman ensured everybody that everything went well, despite the delay of stock listing within 30 days of the Fund’s establishment. Ivan also "guaranteed" that the value of a Proprietatea share would be 1 Euro.

The Fund currently has a portfolio of shares in 114 entities, including some of Romania’s best-known institutions. The total assets currently held by the Fund have been estimated at almost 4 billion Euros.
























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