BUSINESS

Tuca Zbarcea & Asociatii – EUR 5 million win for the Property Fund

On June 7, the High Court of Cassation and Justice granted the final appeal of the Property Fund, represented by Tuca Zbarcea & Asociatii, ordering SNGN Romgaz Medias to pay the fund RON 18,510,458 worth of dividends, corresponding to the 2005 net profit distribution, a press release remittet to Nine O’clock informs. Legal interest, calculated as of 2007, will be added to the principal debt.  Tuca Zbarcea & Asociatii’s legal team was coordinated by partners Robert Roşu and Ioana Hrisafi-Josan.

The Property Fund brought the lawsuit against SNGN Romgaz Medias in the summer of 2008, claiming 15% of the company’s dividends for the whole of 2005, according to the Property Fund’s shareholding. As the Property Fund became a shareholder of the company on December 28, 2005, SNGN Romgaz Medias decided in the General Meeting of Shareholders held in November 2007 to allocate dividends worth RON 153,401 to the Property Fund, corresponding to a three-day period of 2005 (28 December through 31 December 2005). The decision of the General Meeting of Shareholders was not challenged by the Property Fund by means of an action for annulment at that time.

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