Franklin Templeton Says Court Decision Without Material Effect On Proprietatea Fund
A Bucharest Court’s ruling to cancel several decisions taken by the shareholders of Romanian investment fund Fondul Proprietatea (FP.RO), including the appointment of Franklin Templeton as sole manager of the fund, has no “material effect” on the fund, Franklin Templeton said in a statement.
“The claim is essentially a technical argument around the administrative formalities required for the calling of the 06.09.2010 general shareholders’ meeting by the fund’s previous administrators. Given separate resolutions adopted in more recent shareholders’ meetings, Franklin Templeton does not consider this court decision to have any material effect on the fund,” the statement noted.
The Bucharest Court Wednesday admitted in part a request filed by Ioana Sfaraiala, a shareholder of Fondul Proprietatea, to annul some of the decisions taken at a shareholder meeting held September 9, 2010.
Sfaraiala argued the fund had failed to publish a bill to amend its bylaws in the legal timeframe, thus voiding Franklin Templeton’s appointment as sole administrator of the fund.
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