Romanian Proprietatea Fund Loses Lawsuit Against Romarm

“The Romanian High Court of Justice and Cassation rejected the second appeal filed by Fondul Proprietatea against the decision issued by the Bucharest Court of Appeal in the file regarding Romarm – Uzina Mecanica Bucuresti branch,” Franklin Templeton Investment Management, administrator of the fund, said in a statement Friday.

The court’s decision is irrevocable, Franklin Templeton said.

In 2009, Fondul Proprietatea lodged with the Bucharest Court a claim against Uzina Mecanica requesting the latter be compelled to register with its shareholders’ registry the ownership of the fund in relation to 2.95 million shares valued at over 20 million lei (EUR4.6 million) of the paid share capital.