FP’s €4 bln assets to remain indefinitely without manager

The meeting will be resumed today, but, according to the Chairman of FP’s Supervisory Board, officials of the Finance Ministry will be absent again.

“The GMS was called on short notice, and it was impossible to follow the stages to grant a mandate to the Ministry during this meeting. The government had to approve the memorandum initiated by the Supervisory Board regarding the fund’s corporate structure as well as the result of the selection of the fund administrator. As the Cabinet has not yet done this, the MFP mandate could not be granted. MFP representatives will not attend the GMS tomorrow [Ed. n. - today],” Ursache said.

Most shareholders said that the battles between ruling parties are the real reason for these delays.

“There are arguments within the coalition, between PDL [the Democratic Liberal Party] and PSD [the Social Democratic Party] regarding their commissions, because everything is done on the basis of bribery here. Nothing will change until the elections this fall,” said one of FP’s shareholders, Adrian Nicolae.