SIF Banat-Crisana (SIF1), run by Ioan Cuzman, challenged the391m RON (90m euros) capital increase in court that BancaTransilvania (TLV) shareholders approved in April 2009, after morethan a year during which the managers of the two companies hadharassed each another through lawsuits. The capital increase at TLV(whose chairman and founder is Horia Ciorcila) is the biggestoperation of this type carried out on the Stock Exchange in thepast two years, with the bank's management inclusively planning toraise 120m RON (27.4m euros) cash from shareholders to fund itsoperations, so that it may profit from the gaps left by foreignbanks on the market and boost its market share. The preferencerights related to the capital increase should have been alreadytrading on the Bucharest Stock Exchange and subscription was due toend in late July, but because of the lawsuit filed by SIFBanat-Cripana the operation will be delayed until September atleast, when the first court date was set.
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