* Market sources claim that the Exchange may have to cancel the trades by which a brokerage firm sold shares of "Biofarm" and "Mercur" Craiova, as part of the foreclosure of AVAS

The scandal which began on the Romanian stock market is entering a new stage. Everything began when court appointed liquidator tried to sell on the Bucharest Stock Exchange several blocks of shares which the AVAS owned in several companies, having been granted the right to foreclose on the AVAS by way of a court ruling.

This time, via an Ordnance of the Romanian National Securities Commission, the Bucharest Stock Exchange (BSE) was forced to intervene and take the measures "needed", under the claim that the sale of shares owned by the AVAS in "Biofarm" Bucharest (BIO) and "Mercur" Craiova (MRDO) via special orders violated provisions of the Code of the Exchange. The trades were brokered by "Oltenia Grup Invest".

The Romanian National Securities Commission (CNVM) has already suspended the settlement of the trades involving 1.74 million shares of BIO and 6,000 shares of MRDO, as well as the execution of any other sales of shares by the court appointed liquidators in other listed companies managed by the AVAS.

The ordinance of the Romanian National Securities Commission stipulates that the aforementioned trades violate article 228 of the Code of the BSE, which specifies the requirements for performing a sale of shares through special orders.

Still, the Ordnance does not clearly specify which measures the BSE should take in the case of the deals involving shares in BIO and MRDO, leaving it up to the BSE to decide. The document stipulates that the BSE needs to do this "right away", which hints that the action must be followed urgently.

Even though the Ordnance has certain ambiguous parts, it seems that the Romanian National Securities Commission expe