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Photos of Inquam / Octav Ganea
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The Constitutional Court of Romania on Wednesday admitted the opinions of President Klaus Iohannis, PNL and USR and PMP to the law on the creation of the Sovereign Investment and Development Fund
RCA President Valer Dorneanu , announced that the law on the establishment of the FSDI has been declared unconstitutional, because this fund should not have been established by law, but by a government decree.
"Following the deliberations, the Constitutional Court, by a majority, admitted the objections of unconstitutionality considered that the law on the creation of the Sovereign Fund for Development and Investment – SA and for the modification of certain normative acts is unconstitutional as a whole, "says the press release of the Court. Development and Investments – SA expresses a legal transaction of an individual nature, ap by definition, only one specific explicit case, creating a one-person company subject to the rules provided by the Companies Act No. 31/1990, republished in the Official Gazette of Romania , Part I, No. 1066 of 17 November 2004, and Article 17 of Law No. 15/1990 on the Reorganization of State Economic Units as Autonomous Regies and Commercial Corporations, published in the Official Journal of the Romania, Part I, No. 98 of 8 August 1990, with subsequent amendments and supplements, according to which "economic units of republican interest are organized as commercial companies by Decision of the Government."
The Court therefore concluded that the impugned law had been adopted in violation of the principle of the separation of powers in the State provided for in Article 1 (4) of the Constitution, and the role of the P arlement, provided for in Article 61 (1) of the Constitution.
The CCR finds the exception of unconstitutionality of the Law on the establishment of the Sovereign Fund for Development and Investment SA, a law formulated by 51 deputies of the Union Save the Romania , the People's Movement Party and the non-attached, the objection of unconstitutionality formulated by 66 deputies of the PNL, as well as the announcement of President Klaus Iohannis
On July 4, President Iohannis informed the Constitutional Court of the law on the creation of the Sovereign Fund for Development and Investment SA, stating that such a decision must be found in an act of the central administration, and not in a law passed by Parliament
. the State has the sole shareholder for the duration of the existence of the FSDI, and the purpose of the establishment of the FSDI is that develop and finance from its own funds and its investment funds profitable and sustainable investment projects, the FSDI is a company that will carry on business activity, a legal entity under public law within the meaning of art. 191 para. (2) of the Civil Code. Therefore, the creation of a joint stock company was to be carried out by an act of the authorities of the central public administration, and not by law, "says Klaus Iohannis in a letter to the CCR.
The head of state also says that the law is not clear. the monitoring of the Sovereign Development and Investment Fund by any other authority, including Eurostat during its existence, and in the main lines of the legal regime of the FSDI, there is no reference to incidents and the mandatory rules for the operation of such a fund. 19659005] The President also cites the lack of clarity in the composition rules of the FSDI Supervisory Board and the fact that the conditions for the election of the Board of Supervisors are generic and that the regulation of these matters is unpredictable [19659005] the phrase "in the management of companies where FSDI is a major shareholder, the FSDI will also take into account sectoral government strategies", the president says that its wording violates the Constitution and may affect the company. National interest in the economic activity of enterprises. "To the extent that the sole shareholder of FSDI is the state and FSDI also exercises the shareholder capacity in the companies from which he took over the shares held by the Romanian state, we consider that this character of a mere recommendation of sectoral governmental strategies contravenes the provisions of Article 135 paragraph (2) letter b) of the Constitution, as it may jeopardize the protection of national public interests in the Economic activity of commercial companies in which the State is the majority shareholder ", states Iohannis in the declaration sent to the CCR
and provisions concerning the share capital of the FSDI, consisting of share packages and a cash contribution of a value of 9 billion lei.It also states that the transfer of private property to a public limited company by law as a primary act violates the principle of sepa of powers in the state and the jurisprudence of the Constitutional Court on the subject
Article 10 The law on the establishment of the FSDI stipulates that after the registration of the sovereign wealth fund, the the constituting act may be amended, which "would lead to a situation where a legislative act could be modified by a decision of the general meeting of shareholders of a"
"The dividends of the companies listed in the Schedule 1 of the Act no longer belong to the Romanian State, as non-tax revenue, but to the FSDI Limited Company, which constitutes a violation of the provisions of Article 138 paragraph (1) and subsection (2) of the Basic Law on the Budget The Constitutional Court stated that, through the budgets, "permanent control is exercised over the establishment, distribution and maintenance of the budget. use of public funds, as well as on companies that maintains relations with the national public budget "(decision no. 633/2015). Thus, the extraction of these public sources of revenue from the realization of the state budget does not only violate the art. 138 par. (1) of the Constitution, but it also contravenes the principle of annuality and, by implication, the provisions of art. 138 par. (1969005) In the petition, the president also refers to Article 12 of the law, which exempts the remuneration of the members of the supervisory board and the management of the application of the provisions of GEO No 109 / 2011. "According to Article 9 (1) lit e) of the articles of association appended to the law criticized, the general meeting of shareholders is entitled" to fix the level of remuneration of the members of the Supervisory Board, in particular based on the performance indicators established by mandate and the value of the services provided by the auditor for the current financial year. "The introduction of such an exception is not objectively and rationally justified, it is likely to create a differentiated legal treatment within the same category (legal regime applicable to members of the management of companies / companies in which the State holds all or most of the capital) the remuneration of the Supervisory Board of public enterprises contravenes Article 1 (5) and Article 16 (1) of the Constitution, "said the head of state, stressing that the law is unconstitutional in s the whole
The law was attacked by the PNR, USR and PMP
The adoption by the Senate is different from that adopted by the Chamber of Deputies and the creation of the Fund is entrusted to the central public authorities or local, and not to Parliament, thus breaking the separation of powers in the state.The liberals accuse the PSD and ALDE of "giving the biggest blow" "
In turn, the USR representatives stated that in adopting this law "it was decided that the wealth of Romania, as long as it would be profitable, would enter a private administration and become personal resources for M Tariceanu and Dragnea "
The law on the establishment of the Sovereign Fund for Development and Investment – initiated by the PSD-ALDE – was adopted by the Parliament in June 6, and according to the Fund. State, there will be 33 state-owned enterprises, including Engie Romania SA, Electricity Distr ibution and Supply Company – E.ON Energie Romania SA, OMV Petrom SA, Telekom Romania Communication SA, Bucharest National Airport, SA, National Natural Gas Company Romgaz SA Chimcomplex SA, Antibiotice SA, National Company of Boiler Control, Rigid Installations and Pressure Prises SA, Romanian National Lottery Company SA, IAR SA and Unifarm National Company SA The shareholder of the fund will be the Romanian state, while the registered capital will rise to 9 billion lei.
The law aims to "develop and finance equity capital and attracted funds, profitable and sustainable investment projects in various directly or through other investment funds. or investment companies, alone or with other institutional or private investors, including by participating in public-private partnerships. "According to an amendment to the PSD adopted by the Economic Policy Commission, the strategy of FSDI's investment is approved by the government and is linked to a set of measures aimed at obtaining profits.
short, medium and long term performance indicators aiming at, but not limited to: (a) infrastructure development in Romania; (b) the creation of jobs; c) stimulate innovation and new technologies; d) increase human capital in the long term; e) Increasing the competitiveness of the Romanian economy
Another article states that "shares of shares brought into the share capital of the FSDI under this law are transferred from the private property of the State Romanian at the private property of the FSDI, "
At the same time, according to the founding project of the Fund, it is administered in a dual system by a Council of seven members, under the supervision of a Supervisory Board of nine members.
PSD President Liviu Dragnea said that the creation of the Sovereign Fund for Development and Investment will help develop major infrastructure and reindustrialize Romania, invest in agriculture , to create many jobs and contribute to the growth of the gross domestic product.
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