{"id":235238,"date":"2005-04-08T18:28:00","date_gmt":"2005-04-08T18:28:00","guid":{"rendered":"http:\/\/new.moldova.org\/2005\/04\/08\/victoriabank-president-new-shareholders-want-to-destroy-the-bank-1491-eng\/"},"modified":"2005-04-08T18:28:00","modified_gmt":"2005-04-08T18:28:00","slug":"victoriabank-president-new-shareholders-want-to-destroy-the-bank-1491-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/victoriabank-president-new-shareholders-want-to-destroy-the-bank-1491-eng\/","title":{"rendered":"Victoriabank President: New Shareholders Want to Destroy the Bank"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Victoriabank president Victor Turcan is adamant the group of new shareholders is either planning a takeover or looking to destroy the Bank. <\/p>\n

In an exclusive interview for Infotag Turcan said on February 29 the Victoriabank Board received a letter from four new shareholders delegating to the Board’s meeting their representative – CEO of Petrom-Moldova Vladimir Plakhotniuk – to seek the amendment of the meeting’s agenda for the purpose of changing the entire Board’s membership. Based on the current legislation, the Board declined this request considering that the deadline for such an application expired on January 10, explained the Chairman. <\/p>\n

"The argued topic – the Administration Board line-up following the resignation of one of its members – is a common issue and does not rule out the possibility of reelecting the entire Board should the shareholders’ meeting decide to do so. The reelection is also allowed by Article 66 of the Corporation Law establishing that in case of early resignation of one of the Board’s members the entire Board may be changed." <\/p>\n

"The former member of the Board stepped down voluntarily having left for another job," said Turcan. <\/p>\n

"Later, it came to light that on March 5 the new shareholders had filed a lawsuit (against us) without prior notice." <\/p>\n

Turcan also confirmed that on March 21 the Bank received a letter from Victoria Invest Ltd in which the company put up for the Board seats three candidates – Vlad Plakhotniuk, Tamara Andrushko, and Ekaterina Pascarel – all employed by Petrom-Moldova. <\/p>\n

Given the size of their stakes (28.6%), the above people could not aspire for more than two seats (on the Board), said Turcan. <\/p>\n

"A few minutes prior to the meeting – for which 73% of the Bank’s stakeholders had gathered – three bailiffs from Sector Buiucani walked in to tell us about the court hearing taken place a day earlier and insisted that we postpone the shareholders’ meeting otherwise threatening to press charges against the Victoriabank administration." <\/p>\n

In spite of the protests from other shareholders, the Board managed to have the meeting adjourned and after six hours of wrangling with shareholders filed an official petition to President Voronin asking for his assistance with the matter. <\/p>\n

"(In that letter) the shareholders expressed indignation over the unlawful deeds taking place in the country and noted the biased attitude adopted by court siding with three shareholders against 180." <\/p>\n

"The court’s document implied that the next hearing of the case is due on April 28, however, being aware of how long it takes to resolve issues like this, one can assume that the next meeting of (Victoriabank’s) shareholders should now be expected not earlier than a year or two from now," said Turcan. <\/p>\n

"It is already clear that even if the court reaches some sort of a verdict on April 28, under the current law, – allowing the minimum of 30 days to inform all of the shareholders (about the upcoming shareholders’ meeting) – the meeting will gather in June at the earliest. Meanwhile, the Bank would have to operate in the absence of approved agenda, without annual financial report and a dividend distribution plan." "This whole thing reminds me of the year 1992 when, following a series of probes at all levels including the parliament, the police had encircled the Victoriabank head office by order from the then Minister of the Interior Antoci and prevented anyone from getting in. Back then, the Minister claimed that in doing so the police didn’t break any laws (because they remained outside) but were "merely guarding the premises"; this time, I reckon, the court is likely to say that it didn’t issue any orders either but merely ‘recommended’ that the meeting be postponed," said the Chairman. <\/p>\n

Asked whether the new shareholders might take over a controlling stake Turcan said "they will never be able to do so since none of them has fulfilled any of their shareholding obligations yet." <\/p>\n

"Despite our written requests, none of them has submitted financial reports and incorporation documents, of which we duly informed the National Bank to which it replied that gathering info on shareholders lies within the scope of the Bank’s responsibilities." <\/p>\n

The new shareholders stabbed the Bank in the back, summarized the Chairman saying at the end of his interview that "other shareholders will see it very well, including those who might have wished to sell off their shares but now would refrain from having deals with such businessmen…" <\/p>\n

736,000 shares in Victoriabank (of 10 lei denomination) were traded at the Moldovan Stock Exchange on February 4 in a single package for 55.16 mln lei ($4.41 mln) or 74.95 lei each ($6). The traded block, previously held by Danube Fund Ltd (Cyprus), was evenly split between four companies – Program Invest SRL (Soroca, Moldova), Atrium Ltd (UK), Repcor-Com (Soroca, Moldova), and Victoria Invest Ltd (U.K) – each getting 5.76%. In 2003, Victoria Invest acquired a 35% stake in the Moldo-Romanian oil company Petrom – currently one of the country’s five largest oil operators along with LUKoil, Mabanaft, Rompetrol, and Tirex Petrol. \/\/ INFOTAG<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>Victoriabank president Victor Turcan is adamant the group of new shareholders is either planning a takeover or looking to destroy the Bank. In an exclusive interview for Infotag Turcan said on February 29 the Victoriabank Board received a letter from four new shareholders delegating to the Board’s meeting their representative – CEO of Petrom-Moldova Vladimir […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-235238","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Victoriabank president Victor Turcan is adamant the group of new shareholders is either planning a takeover or looking to destroy the Bank. <\/p>\n

In an exclusive interview for Infotag Turcan said on February 29 the Victoriabank Board received a letter from four new shareholders delegating to the Board’s meeting their representative – CEO of Petrom-Moldova Vladimir Plakhotniuk – to seek the amendment of the meeting’s agenda for the purpose of changing the entire Board’s membership. Based on the current legislation, the Board declined this request considering that the deadline for such an application expired on January 10, explained the Chairman. <\/p>\n

"The argued topic – the Administration Board line-up following the resignation of one of its members – is a common issue and does not rule out the possibility of reelecting the entire Board should the shareholders’ meeting decide to do so. The reelection is also allowed by Article 66 of the Corporation Law establishing that in case of early resignation of one of the Board’s members the entire Board may be changed." <\/p>\n

"The former member of the Board stepped down voluntarily having left for another job," said Turcan. <\/p>\n

"Later, it came to light that on March 5 the new shareholders had filed a lawsuit (against us) without prior notice." <\/p>\n

Turcan also confirmed that on March 21 the Bank received a letter from Victoria Invest Ltd in which the company put up for the Board seats three candidates – Vlad Plakhotniuk, Tamara Andrushko, and Ekaterina Pascarel – all employed by Petrom-Moldova. <\/p>\n

Given the size of their stakes (28.6%), the above people could not aspire for more than two seats (on the Board), said Turcan. <\/p>\n

"A few minutes prior to the meeting – for which 73% of the Bank’s stakeholders had gathered – three bailiffs from Sector Buiucani walked in to tell us about the court hearing taken place a day earlier and insisted that we postpone the shareholders’ meeting otherwise threatening to press charges against the Victoriabank administration." <\/p>\n

In spite of the protests from other shareholders, the Board managed to have the meeting adjourned and after six hours of wrangling with shareholders filed an official petition to President Voronin asking for his assistance with the matter. <\/p>\n

"(In that letter) the shareholders expressed indignation over the unlawful deeds taking place in the country and noted the biased attitude adopted by court siding with three shareholders against 180." <\/p>\n

"The court’s document implied that the next hearing of the case is due on April 28, however, being aware of how long it takes to resolve issues like this, one can assume that the next meeting of (Victoriabank’s) shareholders should now be expected not earlier than a year or two from now," said Turcan. <\/p>\n

"It is already clear that even if the court reaches some sort of a verdict on April 28, under the current law, – allowing the minimum of 30 days to inform all of the shareholders (about the upcoming shareholders’ meeting) – the meeting will gather in June at the earliest. Meanwhile, the Bank would have to operate in the absence of approved agenda, without annual financial report and a dividend distribution plan." "This whole thing reminds me of the year 1992 when, following a series of probes at all levels including the parliament, the police had encircled the Victoriabank head office by order from the then Minister of the Interior Antoci and prevented anyone from getting in. Back then, the Minister claimed that in doing so the police didn’t break any laws (because they remained outside) but were "merely guarding the premises"; this time, I reckon, the court is likely to say that it didn’t issue any orders either but merely ‘recommended’ that the meeting be postponed," said the Chairman. <\/p>\n

Asked whether the new shareholders might take over a controlling stake Turcan said "they will never be able to do so since none of them has fulfilled any of their shareholding obligations yet." <\/p>\n

"Despite our written requests, none of them has submitted financial reports and incorporation documents, of which we duly informed the National Bank to which it replied that gathering info on shareholders lies within the scope of the Bank’s responsibilities." <\/p>\n

The new shareholders stabbed the Bank in the back, summarized the Chairman saying at the end of his interview that "other shareholders will see it very well, including those who might have wished to sell off their shares but now would refrain from having deals with such businessmen…" <\/p>\n

736,000 shares in Victoriabank (of 10 lei denomination) were traded at the Moldovan Stock Exchange on February 4 in a single package for 55.16 mln lei ($4.41 mln) or 74.95 lei each ($6). The traded block, previously held by Danube Fund Ltd (Cyprus), was evenly split between four companies – Program Invest SRL (Soroca, Moldova), Atrium Ltd (UK), Repcor-Com (Soroca, Moldova), and Victoria Invest Ltd (U.K) – each getting 5.76%. In 2003, Victoria Invest acquired a 35% stake in the Moldo-Romanian oil company Petrom – currently one of the country’s five largest oil operators along with LUKoil, Mabanaft, Rompetrol, and Tirex Petrol. \/\/ INFOTAG<\/p>\n

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