* "The issue of the stealing of stocks has been around for a long time"

* "The SIFs need to focus on the BSE-Sibex merger"

The SIFs are the ones that have the most to lose following the changes in the management of Sibex, says Mihai Fercală, the executive chairman of SIF3 Transilvania, after Dan Simionescu, who had been backed by SIF3, was dismissed from the position of chairman of the Stock Exchange of Sibiu, in the last election.

"The changes at Sibex were predictable; the ones who stand to lose are the SIFs for the lack of coordination and strategies related to this institution", said Mihai Fercală, in an interview.

He considers that the Sibiu Exchange must merge with the one in Bucharest. "I think that the SIFs need focus on this issue, it is in their interest", Mihai Fercală told us.

In the first nine months, SIF Transilvania (SIF3) had the biggest profit of the five SIFs, 213.6 million lei (48.4 million Euros), up 9% YOY (195.8 million lei).

Reporter: After SIF1 Banat- Crişana acquired the majority stake in SAI Muntenia Invest, and SIF Moldova announced its intention to acquire the rest, an alliance between the three SIFs seemed to be shaping up between the three SIFs. What are the other SIFs doing in this context?

Mihai Fercală: As far as I know, SIF Moldova has not yet acquired the remainder of the 49% of SAI Muntenia; even if it were to acquire it - though I see no reason to do that - that would not immediately imply an alliance between the three SIFs. Even if such a coordination of their actions were to take shape, I see no problem for SIF3 and SIF5; on the contrary, shareholders of some companies could make claims of concerted action.

I think that the SIFs are independent entities, which are competing in the market, and only under certain circumstances could they act "in concert" to achieve certain com