Man Behind Cocor Makeover Leaves Company

05.11.2011 ZF English

Dan Barbulescu, who in the last four years has run Cocor's Board of Directors and has overseen the upgrade of the shopping center, announced he is stepping down from the company's management, and is set to be replaced by Daniela Calin, manager of Broadhurst investment fund's real estate portfolio, one of Cocor's main shareholders.

The decision comes amid differences of opinion among company shareholders over the refinancing of a EUR17.8 million loan taken out in 2009 to finance investments in upgrading Cocor store.

"Considering that the individual shareholders of Cocor and their representatives rejected a new contract with our financial partner BCR, both in the general meeting and in the Board of Directors, I have decided to appoint my colleague Daniela Calin as representative of Staar Rating in Cocor's Board of Directors and as Cocor vicepresident because I hope she will have more power of persuasion than I did," Barbulescu said.

Staar Rating SRL is controlled by Dan Barbulescu, and has in the last four years represented Broadhurst investment fund in Cocor's Board of Directors. Barbulescu has also been one of the best-paid managers on the Stock Exchange.

Staar Rating derived net income of 70,000 lei (around EUR17,000) per month for the position of Cocor's chairman of the board of directors in 2009, with the gross income cut to RON42,000 gross per month in 2010.

The ten-year loan taken out from BCR in 2009, amounting to EUR17.8 million, came with a fluctuating interest calculated as six-month EURIBOR (euro's interbank interest) plus 4.5%. (EUR1=RON4.0842)