* The courts of Sibiu have dismissed the decisions of the General Shareholder Meeting of April 29th, when the shareholders of Sibex elected a new management team

* Having not yet been validated by the Romanian National Securities Commission as the new president of the Sibiu Exchange, Cristian Sima can not take over the position on which he was elected

* The board of Sibex yesterday revoked the president in office Teodor Ancuţa, and replaced him with Dan Simionescu

Teodor Ancuţa was suspended yesterday from his position as president of the Sibiu Exchange, by the former Board of Directors of the company, as the members of the new Board that were elected at the end of April will have to wait a while to take over the management of Sibex.

Last Thursday, the Court of Sibiu issued a Presidential Ordinance that temporarily suspends the appointment of a new Board of Directors at Sibex, following a lawsuit filed by Nicolae Vaidescu, one of the shareholders of the company. Mr. Vaidescu has also requested the voiding of the decisions of the General Shareholder Meeting of April.

Dan Simionescu, of SIF "Transilvania" was elected yesterday as President-Managing Director of the Sibiu Exchange, in a meeting which he attended, together with Gabriel Filimon of SAI "Muntenia" and Anton Ionescu of "Broker" Cluj, according to a press release issued by the Exchange yesterday. Dan Simionescu and Gabriel Filimon are the only members of the old Board of Directors to be reelected.

Mr. Simionescu said: "Teodor Ancuţa has handed in his resignation from the position of managing director in early May, and we yesterday acknowledged that resignation and we have decided to suspend him from his position of president of the Exchange, seeing as he has already expressed his intention to resign several times. These decisions comply with those made by the shareh