Oracle and Saatchi & Saatchi heads apply for seats in Fondul Proprietatea surveillance committee

The six seats in the Fondul Proprietatea surveillance committee has attracted 13 candidates who have applied for six spots in the committee. While most of them have been openly linked to political ties, two come from the private sector. Radu Florescu, CEO of Saatchi & Saatchi and Sorin Mindrutescu (in picture), general manager of Oracle Romania and head of the American Romanian Chamber of Commerce (AmCham),according to local newspaper Ziarul Financiar. Those who apply for spots in the Fondul Proprietatea surveillance committee need to be nominated by a shareholder in the fund. The names of the shareholders were not disclosed for the two candidates from the private sector. The others having applied for the surveillance committee were Bogdan Dragoi, a 30-year old state secretary in the Finance Ministry, Monica Maurer, the 36-year old counselor of Economy Ministry Adriean Videanu, Cristian Busu, the current economic director of the Fund, Viorel Carstea, administrator at Marmura Service Bucuresti SA. Lawyer Corin Trandafir, representing the successors of the Malaxa and Auschnit families, Cristian Dutescu representing investment funds Conglen and Salnik, Mihai Dumitru nominated by SIF Moldova and eight foreign individuals. Cristina Stoian from the local private equity sector, Marius Murgu, head of the Association of Private Investors in the Fund, Eugen Bradean, shareholder in the fund and Eugen Pena, shareholder in the fund, have also applied for the surveillance committee. Fondul Proprietatea is currently selecting the brokerage company which will intermediate its listing on the Bucharest Stock Exchange. Franklin Templeton, the company which won the contract to manage the fund, is awaiting the official signature on the management contract. The surveillance committee should check how Franklin Templeton manages the fund. The Proprietatea Fund is a closed investment fund created to compensate former owners whose properties were confiscated during the communist regime and which cannot be redeemed in nature. The Fund has participation in 88 companies, most of which in the energy sector. The Fund’s listing on the stock exchange has been delayed one year to another. Listing 20 percent of the Fund’s shares should attract $ 500 million, according to Franklin Templeton representatives.