Franklin Templeton reappointed administrator of Fondul Proprietatea
December 2012 - From the Print Edition
Franklin Templeton was reappointed the sole administrator of Fondul Proprietatea, in a Shareholders Meeting (OGM) . Other resolutions met by the OGM board were the approval of the 2013 budget for Fondul Proprietatea and the extension of the deadline for the secondary listing of the fund on the Warsaw Stock Exchange until June 30, 2013. Deloitte Audit was appointed financial auditor of the fund, and Grzegorz Konieczny, legal representative of Franklin Templeton, said that the fund had sent a request to the Romanian National Securities Commission (CNVM) to change CNVM Regulation no.4/ 2010 regarding the evaluation methodology for companies with insolvency proceedings. Currently, any company in insolvency is valued to zero. Due to this regulation, the insolvency proceedings for Hidrolectrica led to the reduction in net asset value of Fondul Proprietatea. The fund owns a 20 per cent share in Hidroelectrica.
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