Earlier Wednesday, the Bucharest Court of Appeals has irrevocably annulled a series of decisions taken by Fondul Proprietatea’s shareholders, including the appointment of Franklin Templeton as sole manager of the fund in September 2010.
However, the court’s decision refers to an older version of the fund’s Constitutive Act, which is no longer in force, Franklin Templeton said.
“To avoid any confusion, the fund manager notes that the version of the constitutive Act to which the court decision relates is not the one currently in force,” it said.
“New versions of the Act were approved by the fund’s shareholders with vast majority in November 2010, November 2011 and April 2012,” the statement noted.