The Romanian National Securities Commission (CNVM) announced that it would wait until today to issue its ruling on the possible effects of Dinel Staicu being sentenced to four years in jail would have on the domestic capital market.
Market sources stated for BURSA that the officials of the CNVM wanted to present their ruling yesterday night, but they postponed the announcement because some of its commissioners are on holiday and are therefore unable to individually sign their decision.
The same sources said that the court ruling has placed the commissioners of the Romanian National Securities Commission in a somewhat unfavorable position, because the Romanian National Securities Commission is the only institution with the right to decide on matters pertaining to the capital market: "Capital market legislation only sanctions elements that are tied to the capital market itself".
"It is certain that the ruling of the court deprives Dinel Staicu of certain public rights, but no one can forbid him from performing commercial activities. SIF Oltenia is a private company, the CNVM can not intervene and forbid people in that company to do business based on a ruling which does not concern the capital market", the quoted sources said.
Dinel Staicu was indicted in November 2006, by the National Anticorruption Department, together with the former CEO of the International Bank of Religions. As a result, the Romanian National Securities Commission requested that the Board of Directors of SIF Oltenia summon the General Shareholders" Meeting, and have the shareholders vote on whether Staicu would remain the CEO. In August 2008, the shareholders of SIF Oltenia decided that Staicu would remain in charge of the company until the court would issue a final ruling.
* Staicu sentenced to four years in prison
On Tuesday, Dinel Staicu, the chairman of the
