* Sibex: The action of Dan Simionescu represents a conflict of interests

The conflict between the current management of Sibex and some of the company's shareholders has escalated after the Romanian National Securities Commission (CNVM) has postponed the General Shareholder Meeting, which was scheduled for last Saturday, and has led to a flurry of press releases on the website of Sibex.

On Wednesday night, the Bucharest Stock Exchange has published a current report by which administrator Dan Simionescu, who represents SIF3 Transilvania, presented his position which is "in opposition to the manner in which the meeting of the Board of Directors of Sibex was organized and held on September 21st, 2012, at 16:00".

According to the quoted press release, Simionescu reported that the daily agenda of the Board of Directors saw four very important additions.

"I want to mention that these additions to the agenda, were made illegally, were not subjected for approval and therefore were not voted on in the meeting of the board of directors", says Dan Simionescu.

He says that the meeting of the Board of Directors was suspended at 18:00 and it resumed without him being told about it at 22:30.

Therefore, the representative of SIF Transilvania informs the shareholders that he "fully opposes" the decisions of the Board of Directors, made after 22:30, including the decision to limit the voting rights of the five SIFs and of SSIF Broker, due to the claims of their acting in concert.

Dan Simionescu also says that the appointment of lawyer Gabriel Biriş as provisional administrator is illegal.

The CEO of Sibex, Cristian Sima, also replied in a current report, saying that, that being the representative of SIF Transilvania, Dan Simionescu should have abstained from voting on the issue of the SIFs acting in concert.

"The action of Mr. Simi