Court Decision Voids Franklin Templeton Role As Proprietatea Fund Manager
The Bucharest court decided to cancel a shareholder decision from September 2010, which amended the statute of investment fund Fondul Proprietatea (FP.RO) and enabled the appointment of Frnaklin Templeton as fund manager.
The court’s decision can be challeged in the court of appeals.
Ioana Sfiraiala, a shareholder within the Proprietatea fund, challenged in October 2010 some of the decisions reached in the shareholder meeting setting up Franklin Templeton to become manager.
The decision issued by the court on December 21 this year brings the fund back to its previous statute, with Ionut Popescu as manager, people close to the matter told MEDIAFAX.
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