Romania’s securities market watchdog clears issues over statements made by local oil mogul

The National Securities Commission (CNVM) said the statements made by businessman Dinu Patriciu on the real estate and capital market were personal opinions which cannot be considered a market abuse.

BSE indexes slumped heavily yesterday based on the decline of international bourses and Patriciu’s statements, who claimed the Romanian stock market is over rated.

Patriciu formerly told The Money Channel that Romanian stocks were at the beginning of their collapse and would continue to fall the following months due to the global financial crisis. Patriciu also said the value of the Romanian market is twice bigger than the "real level".

Following these statements, the National Union of the Romanian Employers (UNPR) asked the CNVM to look into the matter.

CNVM emphasized Romania’s macroeconomic indexes are following an ascending trend and the capital market should recover from the suffered losses.

NewsIn