The raider attacks witnessed during the last few years, especially in the banking sector, took place through the agency of the capital market, namely of independent registrars, expert Natan Garstea stated in an economic debate held by the Institute for Development and Social Initiatives “Viitorul” and Radio Free Europe.
“The independent registrars should safeguard the interests of shareholders. But the securities market is small and their incomes are insignificant. For example, ten independent registrars in 2014 had an income of 400,000 lei. These ten registrars monitor property to the value of tens of billions of lei. If a disloyal investor wants to gain control of a bank, this could offer €10,000 or even €100,000 bribe and the registries are not resistant to such cases of corruption,” stated Natan Garstea.
He stated that there were many cases when bank shareholders informed that they were dispossessed of shares namely through an independent registrar. The filed lawsuits didn’t produce real results. The Prosecutor’s Office usually seizes all the documents from the registrar, while the trial can last for even three years. The lack of transparency makes these cases to disappear from public attention, while the shares remain in the possession of the shareholder that obtained the holding this way.
Speaking about the transactions performed on the securities market in 2015, expert Mariana Gurghis said the number and value of these decreased. “Even if the legislation in the field is more or less compliant with the European regulations, we cannot attract investors that would purchase securities given the lack of transparency in these transactions. From economic viewpoint, we need to offer stability,” she stated.
According to Mariana Gurghis, the depreciation of the national currency, the two-digit inflation, the decline in a number of sectors of the national economy and the political instability do not represent attractive elements for potential investors in the securities market. Not accidentally, the number of transactions on this market has decreased and these now represent mainly deals between the existent shareholders.
