Fondul Proprietatea - Next steps required for the implementation of the buy-back program
The Fund Manager of Fondul Proprietatea came up with more details on the next steps required for the implementation of the buy-back program. Until now the program was blocked by litigations with Ms. Sfiraiala but (as we noted in yesterday’s daily) the Court ruled on March 5 that it rejected the litigant’s request of intervention and admitted the Fund’s registration with Trade Registry request. As the Court’s decision is enforceable in this case (although it still may be appealed by the Litigant), the registration of the Resolution with the Trade Registry is therefore possible. However the implementation of the buy-back program comprises several steps which must be observed before execution can actually start. The normal process (assuming no legal complications) is as follows: (1) The judge will have to draft the decision issued in this case; the legal term for the judge to comply with this obligation is of 30 days as of ruling; (2) The original Trade Registry file, together with the court decision, must be then delivered by the Bucharest Court to the Trade Registry, for the registration of the Resolution; (3) After the Resolution is registered with the Trade Registry, the Resolution will be sent to the Official Gazette for publication; (4) After the publication of the resolution in the Official Gazette the Fund Manager will announce the start of the implementation of the second buy-back program, according to the legislation in force. We do not expect further complications in the process but this seems to be a little bit more lengthy than we expected (we were counting on around two weeks) as the buy-back could start sometime in April. We will come back with more details as soon as they are available.
