Fondul Proprietatea (FP), managed by Franklin Templeton, has asked for a shareholders meeting in gas company Romgaz in order to revoke the gas company's managers for having approved the EUR 94 million donation to the Romanian state.

The fund plans to go to court against the individuals who voted in favor of the donation. Fondul Proprietatea owns 15 percent of Romgaz. The shareholders meeting was called for January 17.

Romgaz, one of Romania's most valuable companies, was on the list of firms which had posted a profit in 2009 and was chosen to donate some of their previous profits to the Romanian state, which was trying to increase its budget revenues. Romgaz and Electrica had to donate RON 400 million (around EUR 94 million), while the Romanian Lottery, some RON 74 million (around EUR 17.2 million).

Fondul Proprietatea had publicly opposed the donation and announced they would go to court against the move.  “We are extremely disappointed that, despite our proposal for an alternative solutions, this unfortunate measure was implemented. We would like to ensure our shareholders we are making efforts to recover the amount, using all possible legal ways,” said Greg Konieczny, fund manager with Fondul Proprietatea.

Fondul Proprietatea will be listed on the Bucharest Stock Exchange on January 25.

editor@romania-insider.com