Steven van Groningen joins Property Fund Board of Nominees

Newsroom 05/04/2012 | 13:55

Shareholders in Property Fund (FP) voted yesterday three new members in the fund’s Board of Nominees.

This board represents shareholders and oversees the financial performance of FP, which had a net asset value of EUR 3.69 billion at end-February.  The board has four members with a three year mandate and one president.

Petru Dudas and Simion Rusu, both representatives from the Ministry of Public Finance, were revoked from the board by shareholders.

Steven van Groningen, president and CEO of Raiffeisen Bank, and Piotr Rymaszewski, CEO and fund manager at Octava NFI, became board members. Both were supported by US hedge fund Elliott Associates, which has a 13.9 percent stake in the fund.

Julian Healy was also voted board member, being backed by City of London, which has a 7.2 percent stake in FP. Cristian Busu remained board member.

Sorin Mindrutescu, CEO of Oracle Romania, remains Board of Nominees president.

Ovidiu Posirca

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