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Darius Valcov, the prime minister's state counselor, said Friday on Romanian television that six out of seven private pension funds had bought shares in RCS-RDS, as the company did. had done in a year, down 25% on the stock market. "We can only say to people, ASF must intervene because when you list the stock with a prospectus and say you buy stock at Digi that the stock is 10% more, and in a year you're 25 % less, do not grow, do you (19659002) Monday, stock market, anyone can check why a company that has outdated technology because we are both aware that in 3-4 years will not pull the cables in Romania and nowhere in the world, today we have other technologies.When you sell to the Romanians an illusion and you take their retirement money … ", said Friday the former finance minister, according to Ştiripesurse.ro.
Darius Vâlcov said that the seven companies that provide Romanian private pensions are managing 10 billion euros. "It was a pillar II scandal." Where did he go? I called the seven directors, there are seven LLCs that administer the Romanians' private pensions, in the sense that we say we do not do not give money to the state, we give 300 and a million million euros, each has employees between 20-30 employees, one account 70 employees. they are managing $ 10 billion, have you asked who you are consulting with, are you consulting with each other? "said the prime minister's state councilor to Romania TV.
In response, representatives of APAPR sent a point of view.
"All Pillar II fund managers are institutions with a long tradition and international presence in the financial market.The legal form of the organization on the Romanian market is distinct from the other entities of the parent group, as these are joint-stock companies with a minimum share capital of 4 million euros (not at all from LLC) .Also, all directors are authorized, advised, regulated, supervised and controlled by the company. Financial Supervisory Authority (ASF), an institution of the Romanian state, "said APAPR in the press release.
In addition, the fees received by Pillar II administrators in Romania "are significantly lower than those charged by similar systems in other states as well as other savings schemes", indicates the same document. "The value of royalties collected (1.5 billion lei, not the euro) represents the total amount received by the seven directors since the beginning of the system so far.These are revenues, not profits , whose many costs are deducted, most of which derive from the strict regulation of the system, and the leaders of Pillar II made significant investments in the implementation of the system in 2006-2008, for an amount of 500 million euros, which have never been recovered in the management sector Directors' shareholders still record total losses over the last 10 years, which amount to nearly 150 million unregistered nominal values, no adjusted to inflation or other risk premiums, "APAPR points out, also noting that private pension fund portfolios are diversified to cover the potential risks that some investments may underperform over a period of time.
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