Horia Ciorcila wins SIF1 war with Ioan Cuzman

Ioan Cuzman, chairman of SIF Banat-Crisana (SIF1 financial investment company), has relinquished three of the seven positions in the Board of Directors to investors grouped around Horia Ciorcila, chairman of Banca Transilvania.
The chairman of Banca Transilvania (TLV), Horia Ciorcila, was appointed interim member of the Board of Directors, which manages the 330 million-euro assets of SIF Banat-Crisana (SIF1), after Pavel Belean resigned a few days after the management of SIF1 announced Ciorcila would get a position in the Board as soon as an opening occurred. A month ago Claudiu Silaghi, member of Banca Transilvania’s Board and Dragos Balteanu, general manager of Romenergo group got interim seats in SIF1’s Board, too.
The moves are part of a deal between the management of SIF Banat-Crisana and the group of investors around Horia Ciorcila, who will drop lawsuits brought against SIF1 after the General Meeting of Shareholders (GM) in April 2009 when the Board of Directors was elected. All the suits will be solved after the appointment of the three has been validated by the shareholders in the GM.
Ciorcila was the only representative of the investors group elected in the Board of SIF Banat-Crisana in April 2009, but he resigned after less than a week because some of the shareholders contested how things occurred in the GM. The management of SIF Banat-Crisana then decided to limit voting rights of a group of 23 investors, among whom Ciorcila, to 1%, a group that together hold around 17.5% of the shares of SIF1, accusing them of acting in concert.