Romanian Stock Mkt Regulator Bans SSIF Broker Heads From Operating Capital Mkt For Up To 5-Yrs

CNVM also suspended SSIF Broker’s operations until the replacement of the two managers.

The commission also fined Prunea with 25,000 lei (EUR1=RON4.1379) and Ceuca with RON10,000. It also fined SSIF Broker with RON723,679, or 0.5% of its share capital.

CNVM also sanctioned the reprezentative of SSIF Broker’s internal checkup department, Adina Maria Moldovan. She was banned from operating on the capital market for a three-year period and received a RON15,000 fine.

CNVM equally withdrew the functioning licenses of SSIF Broker units in Deva and Baia Mare, for breaching capital market laws.

CNVM suspended late January, for two weeks, the license of SSIF Broker Cluj-Napoca, as well as the company’s shares from trading on the Bucharest Stock Exchange, following accusations of capital market law infringement at the company's units in Deva and Baia Mare.

SSIF Broker has a share capital of RON144.7 million, divided into 289.4 million shares with a face value of RON0.5 each.

Romanian businessman Ioan Cartis owns an 8.22% stake in SSIF Broker, followed by construction company Intervalco, with a 6.18% stake, and, Petru Prunea, with a 3.5% stake in the company. SSIF Broker’s president, Anton Ionescu, owns 4.16% of the company’s shares.

SSIF Broker reported a net profit of RON1.3 million in 2008, significantly lower from RON38.3 million the previous year, due to operating losses.

Last year, SSIF Broker ranked ninth among the 77 brokers operating on Bucharest Stock Exchange, with transactions totaling RON645 million and a market share of 3.66%.
 

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