Court cancels Templeton’s appointing as Proprietatea Fund manager

The Bucharest Tribunal voided a decision through which the General Assembly of Shareholders (AGA) in the Proprietatea Fund (FP) modified – last September – the statute in view of appointing Franklin Templeton as manager of FP, Mediafax informs. The verdict may be challenged in a higher court.

“Through the verdict pronounced on 21 December 2011, the Bucharest Tribunal partly admitted the request of plaintiff Ioana Sfiraiala in view of voiding the Decision 1, made on 6 September 2010 by the Extraordinary General Meeting of Shareholders (AGEA) of the Proprietatea Fund, which changed the constitutive documents and chose the Romanian branch of Franklin Templeton Investment Management Limited London as sole manager, and the new management of the Fund,” court sources said. The verdict of the Tribunal is final and may be challenged at the Bucharest Court of Appeals. Through Decision 1 issued on 6 September 2010 by the AGA of FP, shareholders modified the constitutive document of FP by changing the management system from Supervisory Board and Directorate to investment management company. The verdict of the Bucharest Tribunal practically returns the Proprietatea Fund to its old statute and reinstates Ionut Popescu as manager, added the sources.

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