CEO of Oracle Romania Sorin Mîndruțescu steps down from Fondul Proprietatea’s board

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Franklin Templeton International Services S.À R.L., in its capacity as alternative investment fund manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), has informed the investors that Sorin Mîndruțescu, who has served as a member of the Fund’s Board of Nominees (the “Board”) since September 2010 and as its Chairman since April 2012, “decided to step down with immediate effect from the positions held within the Fund’s Board and Consultative Committees.”
On 8 August 2019, the Romanian National Anticorruption Directorate published an official communique announcing the start of the formal criminal investigation against Sorin Mîndruțescu, CEO of Oracle Romania. According to the same communique, Mîndruțescu was placed under judicial control for a period of 60 days.

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