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Broker Cluj goes to court to contest decision of market watchdog to suspend its activity

Broker Cluj filed today a request at the Court of Appeal in Cluj against the decision of the capital market watchdog (CNVM) to suspend the activity of the broker, citing opportunity costs of 10,000 lei per day due to the standstill, according to a NewsIn correspondent.

CNVM decided to withdraw for a fortnight the license of Broker Cluj, beginning with January 30, owing to irregularities at the unit in Deva.

The shares of the brokerage house, transacted on the first tier of the Bucharest Stock Exchange (BSE), were also suspended.

Broker Cluj management declared today during a press coference in the Transylvanian city of Cluj that the company's suspension caused it to lose up to 10,000 lei daily.

President Petru Prunea stressed immediately after the activity was suspended that 'the CNVM measure was exaggerated' and that more than 10,000 clients of Broker Cluj could be affected by it.

The company had a nine-month net profit of 3.45 million lei last year, a 9.5-fold fall over the similar period of 2007.

Business stood at 7.43 million lei in the first nine months of 2008, a two-fold drop over the similar period of 2007 as trading on the bourse reduced drastically towards the end of last year, with the economic crisis settling in Romania too.

Broker Cluj has a share capital of 144.73 million lei, divided into 289.47 million shares at a face value of 0.50 lei. The company's capitalization stands at 23.16 million lei. Shares are listed at the first tier of the Bucharest Stock Exchange under the symbol BRK.

 

Sursa: http://www.newsin.ro

Tags: broker million activity

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