Romania's govt. asks for rerun of selection procedure for Fondul Proprietatea manager

The Romanian Ministry of Finance, which owns about 12% of the share capital of Fondul Proprietatea, is requesting the resumption of the selection process for a new fund administrator, according to Hotnews.ro.

Three funds from Slovenia also expressed their opposition to the candidacy of Roca FP and IRE AIFM, which have already been selected and have to be confirmed by FP's shareholders as the new manager to replace Franklin Templeton.

According to documents filed with the Bucharest Stock Exchange, the Romanian ministry proposes that the procedure be "simplified, transparent and efficient," with a maximum duration of 150 days and costs limited to RON 1.5 million (EUR 300,000). The request also includes the condition that the sole administrator manages assets at least equal to the value of the assets of the Proprietatea Fund, now over EUR 400 million.

Recently, the Committee of Representatives at Fondul Proprietatea chose the partnership between Roca FP and the Luxembourgers from IRE AIFM as the proposal for the future administrator of FP, a proposal that was to be discussed at the general shareholder meeting on September 29.

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