Government pays 2.6 billion ROL for Rasdaq

The Government last week decided to grant a 2.64 billion ROL loan to ANSVM (The National Securities Association), the owner of Rasdaq, so that the secondary market would not be acquired by a natural person. The credit was approved by means of an Emergency Ordinance.

Moreover, a Rasdaq Board comprising three members was appointed, in order to manage the cession (sale) of Rasdaq social components to real estate companies or the secondary market’s transformation into a stock company by April 2002.

The loan granted by the Finance Ministry will eventually be used by ANSVM to pay 4.5 billion ROL to Octavian Cornif, following the cancellation of a bilateral contract.

Cornif has recently won the appeal to the lawsuit ruling that ANSVM must pay the 4.5 billion ROL. As the Association did not have the money, it almost lost Rasdaq several weeks ago.

“This money accounts for a preventive loan. We have not exhausted all legal means in our conflict with Cornif and we are determined to prove that Octavian Cornif was the one that cancelled the contract, not ANSVM. The decision of the appeal, which again ruled against us, is a juridical error,” Mircea Botta, a member of Rasdaq Board, told Ziarul Financiar.

The other two members of the Board are Elena Andrei, general manager with BCR Securities, and Dana ?incu, a member of the current ANSVM Board.

If Rasdaq becomes a stock company, ANSVM will practically lose control over the secondary market, both in the legal and management fields.

“There are two variants: either ANSVM will continue to exist as a professional association, or there will be a merger between ANSVM and Rasdaq, thus creating a company with two distinct departments,” Botta said.