Sigma Hotel Management, owned by regional investment fund SIF Transilvania, said in response to comments by the dismissed managers’ lawyer that Negoita was fired for breach of mandate. The company added he signed off on large expenses without board approval.
In fall last year, SIF Transilvania recruited Bruno Negoita, specialized in business restructuring to select and coordinate a team to restructure the fund’s tourism portfolio. The action plan was to be implemented by Sigma Hotel Management SA (formerly Transilvania Travel), owned by SIF, and targeted raising the market value of THR Marea Neagra, Aro Palace, Orizont Turism, Turism Covasna, THR Prahova, Tusnad, Tratament Balnear Buzias and Turism Felix.
SIF Transilvania fired Negoita’s team and rejected the tea’s proposed business plan and lawyer Alexandru Dumitrescu said the former managers would sue for wrongful termination. The Sigma Hotel Management board says in response there was no business plan.
“The management team did not present any business plan and no opportunity study for the board to make a decision. Mr. Negoita’s only concern during this period was to buy 11 new Volkswagen cars and a Volvo X 90, a useless expense the company cannot afford,” said Sigma officials.