According to info released by the media and the company, the prosecutors have taken legal action against several individuals for alleged criminal deeds related to the acquisition by Bank of Cyprus of a stake of almost 10% in TLV.Among the indicted individuals, there was Banca Transilvania`s (TLV) Chairman Mr. Ciorcila who is also a founding member of TLV and an important shareholder. The other individuals were Mr. Silaghi, a founding member of TLV and a former Board member, two of his relatives, two other employees of TLV and two management members of the Romanian subsidiary of Bank of Cyprus. While the market has negatively reacted to the news (before TLV`s shares were suspended from trading), we do not see this piece of news as having a material impact on TLV`s shares from a fundamental point of view. TLV shares will resume trading at 15.00 local time.
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