The Romanian Financial Supervisory Authority (ASF) has sanctioned BRD Private Pension Fund Management Company, after an audit found that the general manager and members of the board of directors had violated corporate governance rules.

General manager, Alina Cecilia, was fined LEI 100,000 for breaking rules around accounting records, which ASF stated were not based on supporting documents and did not reflect the real assets of the BRD administrator.

Members of the board of directors were also fined for failing to ensure the prudent and correct management of the administrator, which affected the administrators assets.

In particular, board of director members Laurent Simon Doubrovine and Raluca Ioana Moise were fined LEI 60,800, whilst Arnaud Charles Marie René Brière de la Hosseraye was fined LEI 55,500.

All four individuals were also given a 180 day ban from carrying out activities on privately managed pension funds and voluntary pensions.

In addition to this, the ASF has also reviewed the authorisations of these individuals, subsequently withdrawing the approval granted to Andreescu as general manager, and to Raluca Ioana Moise and Arnaud Charles Marie René Brière de la Hosseraye as members of the board of directors.

However, the ASF clarified that the sanctions did not relate to activity carried out by BRD Private Pension Management Company in connection with the administration of private pension funds.

It also confirmed that the interests of the members and the assets of the scheme, which are separate from the assets of the administrator, were not affected.

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