* Lawyer Gheorghe Piperea: "The prosecutor has admitted the unconstitutionality claim of the 1% limit"
The judges of the Constitutional Court had yet to decide yesterday on the issue of the unconstitutionality claim against the 1% limit applied to the stakes of its shareholders, which had been set through an emergency ordinance in the summer of 2005, lawyer Gheorghe Piperea said for BURSA, one of those representing SIF "Transilvania" in this lawsuit, a few minutes prior to the closing of the edition.
The maximum holding limit in the FICs, has come to the attention of the Constitutional Court, in the context of a lawsuit between SIF "Transilvania" and the Romanian National Commission (CNVM). Two years ago, the capital market watchdog rejected the raise of the holding limit two years ago from 1% to 5% in the case of SIF "Transilvania", which had been decided in the General Shareholder Meeting of March 2009, claiming that such a decision was in violation of the law. At the time, the shareholders of SIF3 decided to keep the 1% holding limit.
"The prosecutor sustained the admission of the unconstitutionality claim" said Gheorghe Piperea, who added that the judges of the Constitutional Court may make a decision in a few days.
"Things are not so easy; there are many aspects that need to be taken into consideration, which is why I expect a ruling to be issued within a week or two. For now, there is no solution in the trial on this matter, as the decision still lies with the judges of the Court", lawyer Piperea said.
The Constitutional Court had two lawsuits from SIF Transilvania on trial. One was rejected by the court, and the second one, concerning the maximum allowed holding threshold, still awaits the decision of the Court.
Investors are anxiously awaiting the verdict of the Court as a ruling that would favor SIF "Transilvania"
