E.ON Romania SRL group is the majority shareholder of the three companies.
Franklin Templeton Investment Management Limited UK Bucharest branch, the sole administrator and fund manager of Fondul Proprietatea, considers that the consultancy services contracted by the three companies are unnecessary, and the price paid to E.ON Romania SRL is unjustified.
Shareholders of E.ON Distributie Romania SA and E.ON Energie Romania will discuss Franklin Templeton requests on the meetings on May 26 and 28.
“According to the data available, in 2014, the total value of these contracts for strategic and management consultancy reached an estimated RON34.4 million (or 5.6 million sterling pounds, or EUR7.7 million),” Franklin Templeton said in a statement.
At the same time, Franklin Templeton said that the closing of transactions between affiliated parties would break the corporate governance policies.
Fondul Proprietatea is a closed-ended investment fund created in 2005 to compensate people whose properties were seized by the communist regime and could not be returned in kind. Fondul Proprietatea has been managed by Franklin Templeton since September 2010.