American Broadhurst Investment fund, managed by Siminel Andrei, and several investment funds controlled by ING, are accusing the management of Prodplast Bucureşti, a company controlled by Florin Pogonaru - the president of the Romanian Businesspeople Association (AOAR) of not allowing them to withdraw from the company, and saying their expectations failed to be met after Prodplast Imobiliare was listed on the Sibex's ATS platform instead of a regulated market, which is what shareholders had decided at the start of the break-up process.

"Contrary to the break-up plan, the fact that Prodplast Imobiliare did not get listed for a long time, and then was only listed on a non-regulated market made it impossible for shareholders to sell their shares at a transparent, fair price on the market," reads a release sent by the Romanian Shareholders' Association.

Plastic manufacturer Prodplast Bucureşti (PPL) broke up in 2008 when its most valuable assets were transferred to the newly established real estate company Prodplast Imobiliare (PPLI). Broadhurst, which owns 12.7% in Prodplast, challenged the break-up in court but lost the case against the management of the company run by Pogonaru after about two years.

Florin Pogonaru says the right of shareholders to withdraw from the company was enforceable only if Prodplast Imobiliare had not been listed. "For two years Prodplast Imobiliare could not be listed because of the suit filed by Broadhurst that sought to cancel the break-up process. Siminel Andrei had in the meantime forgotten about the repurchasing problem that he now brings up again. This is a tactical move, meant to put pressure on us. We still want to list Prodplast Imobiliare, perhaps even on the London Stock Exchange, if things go well," Pogonaru said.

American Broadhurst Investment fund, managed by Siminel Andrei, and several investm