The opening of the new Cocor Store shopping centre in central Bucharest is expected to see Cocor company's turnover hit a record high of 20.2 million RON (4.86 million euros) this year, according to the company's draft budget, but the almost one-year delay in opening the store, the higher than originally expected construction costs and the dropping of the luxury store concept, have heightened the conflict between some of the shareholders and the company's management.
Aurel Besliu, former chairman of Cocor until 2005, who directly and indirectly holds 16% in the company, has asked that no less than 15 points be added to the agenda of the General Meeting of Shareholders at the end of this week, demanding explanations from the Board of Directors (BD) on the discrepancies between the initial modernisation project of the Cocor store and what has been achieved so far, as well as on the sale of shares and on compensation awarded to some of the members of the BD.
As for the executive managers of Cocor, who represent the group of shareholders that consists of investment fund Broadhurst Investment, Daniel Stoica and Liviu Ursan, who control the company's majority stake, have sought to respond to the issues raised by Besliu by publishing contracts sealed with construction companies and with the companies in charge of finding tenants for the new complex.
The opening of the new Cocor Store shopping centre in central Bucharest is expected to see Cocor company's turnover hit a record high of 20.2 million RON (4.86 million euros) this year, according to the company's draft budget, but the almost one-year delay in opening the store, the higher than originally expected construction costs and the dropping of the luxury store concept, have heightened the conflict between some of the shareholders and the company's management.
Aurel Besliu, former chairman of
