Procedia Economics and Finance 27 ( 2015 ) 629 635 Available online at www.sciencedirect.com [601843]

Procedia Economics and Finance 27 ( 2015 ) 629 – 635 Available online at www.sciencedirect.com
2212-5671 © 2015 The Authors. Published by Elsevier B.V . This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of Faculty of Economic Sciences, “Lucian Blaga” University of Sibiu”
doi: 10.1016/S2212-5671(15)01043-6 ScienceDirect
22nd Interna tional Economic C onfere nce – IE CS 2015 “Econo mic Pr ospect s in the C ontext of
Growing Gl obal and Regi onal Interdepe ndencies”, IE CS 2015
Aspects of Foreign Portfo lio Inves tmen ts Risks in Romani a
Sorin Raul Fantanaa,*
aFaculty of Economics / Department o f Eco nomy and Inter natio nal Busine ss / Dim itrie Can temir Christian Uni versity, Braov, Romania
Abstrac t
Foreign inv estments in Romania pr esent the chan ce of big wins and the risk of large or total lo sses. The work pr esents a r eal ca se:
the shareholders wish to sub scribe w ith a con tribution in kind . Contrac t cond itions allow share holders to b ecome owners of a larg e
number of shar es originating from a transnational. T hus, wh ile the value of real estate assets which can be traded in Romania k nows
a constant d ecrease, the value of the shar es contributed to capital is growing. The Romanian share holder advantage is huge, bu t
volatile.
© 20 15 The Authors. P ublished by Elsevier B.V .
Peer-review under r esponsib ility of Faculty of Economic Scien ces, "Lucian Blaga" University of Sibiu" .
Keyw ords: Risk manageme nt; Auctio n; Contribu tion in kind; J oint-stock company ; Social capital
1. Int ro duction
The r eal case presen ted below is based on thr ee file s of the same company. This is the case SC Amer ican Eu ropean
Mark eting & En terpr ises S.A . (her einaf ter A EME) vs. Roman ia (with th e permissi on of Mr. Daniel Afusoaie, one o f
the A EME shareholders ). The obj ect of the thr ee files was refe rring i) to the legal proce dure of es tablishing of th e
contribu tion in kind of the capital of a Roman ian company by shares, this c ontribu tion consisti ng of ordinary share s
issued by a f oreign company , ii) the capital increase and iii) to assess these actions in Roman ia.
According to Ar ticle 16, al.2 o f Law No. 31/1990, " …contri bution s in kind must be valued in econom ic terms. The y
are accepted in all forms of the company and are p aid by transfe rring the c orres pondi ng rights and act ual handing ove r
the ass ets in usab le cond ition to the company. "

* Correspo nding au thor. Tel.: 00 40-268-427713; fax: 0040 -268-427 713.
E-mail addre ss: raul_fantana@yah oo.com
© 2015 The Authors. Published by Elsevier B.V . This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer
-review under responsibility of Faculty of Economic Sciences, “Lucian Blaga” University of Sibiu”

630 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
As a resu lt, the Court ordered an expert re port f or each situ ation so th at, th rough the expert re port, the value o f
shares wi ll be hi ghligh ted.
The leg al framework of exper tises is given by the Law no. 26 of 5 November 1990 con cerning the Trade Regis ter
and the Law no. 31 of 16 Novembe r 1990 rega rding commer cial companies . For every exper tise in part , laws u pdated
forms were c onsu lted.
For the first f ile, AEME vs. Roman ian s tate, File/Application no. 46234/13. 07.2007 of the Court Brasov, th e
exper tise Fan tana (2007/1) objectives wer e: 1) to d etermine the manner in which ordinary shares issued by a f oreign
company in the U.S. value a nd can be contribu tion in kind to a Romanian stock company , and 2) to d etermine whic h
is the value proposed by the expert / sp eciali st such action s.
Shares represent financ ial assets , pote ntial sources of income , exer cising or not the cont rol, or othe r influences .
The case is about the c ontribu tion in kind to the capital of a number of actions, and the title is valued at cost o f
acquisition, which means the purchase price or value d etermined by the contr act of their ac quisition, Ifne scu and al.
(1999).
It was not the case to calculate the cap italizati on value, b ecause f or that moment and in this case, these actions wer e
not listed.
Under Contr act Sale – Buy no. 2171/07.07.20 07, accepted and agr eed by the contr acting par ties, namely ICBD, Inc .
of Oregon, USA (hereinaf ter as sel ler) and A EME (as buye r), resp ectively its share holders, the sel ler sold an d
transferred in terest r ate and s ubscrip tion rights equiv alent of 2 m illion shares of 10 USD / share, shares of the so cial
capital (fully share p ackage) of the company ICBD. "The above-named property [the acti ons] is sold and transfe rred
free of m ortgage, debts or claims of any nature and of any kind" (quo ted from of the origin al document trans lation).
As lo ng as the title is valued at acquis ition cost, it cann ot be less than $ 10, according to the Contr act of Sale – Purchas e
no. 2171/07. 07.2007. It w ill be unders tand that the actions came first in the possession of A EME shareholders wh o
filed subsequently these actions as contribu tion in kind to A EME.
The r eal value of shares that shareholders A EME put them tog ether to cons titute the company's leg al capital was
20 m illion USD.
The s tatus ICBD, the holders of shares will be en titled to r eceive dividends from any of the c orpor ate [ICBD] a ssets
when they b ecome legally av ailable for th at pu rpose, payab le in cash quar terly or in period ic in tervals or dates
established by the Board of Director s of ICBD .
The s econd file, AEME vs . Roman ian state, File/Application no.62184/ 29.10.2 007 o f the Court Brasov, required a
second expert re port, Fantana (2007/2) which complements the resu lts of the File / A pplic ation no. 46234 / 2007 , with
the same contr acting par ties and the same objectives, sp ecifying th at, in the new f ile, they refer to the a ddition of 3
million shares of ICBD .
This title is valued also at cost of acquis ition, which means the purchase price or value d etermined by the c ontract
of their ac quisition, see Ifne scu, A . at al. (1999).
As a resu lt, the fin al value of a ssessed intangib les, tot alling the values of the second report of the firs t
nr.382613/2007 with no. 3630 43/2007 report, was U SD 50 m illion.
Activit ies that may resu lt can be i nvestments in equity instruments, in debt inst ruments, bank p lacements ,
commer cial receivables and futures – wh ich are stock transac tions pursui ng the dev elopment o f an asset over the time.
The thi rd case – no. 109161/2 009 of the Court Bras ov/Trade Registry Off ice, AEME vs. Romanian s tate, require d
a third expert report, made by Fantana (2007 /3), with the same objectives, specifying th at in the new f ile they refer to
the addition of 7,8 00,000 shares of IAFE Inc. on A EME beh alf, each share having value of 700 USD (5,460 mi ll.USD ).
2. Evaluation of data
The expert reques ted evidence and a dditional data about th at, though – gl obally – the economy s uffered a st ronger
recess ion having as main so urces and eff ects the r eal estate, however in this case shares are o ffered f or a valu e
unchanged from the value of the issue , $ 700.00 .
Theref ore, the expert requested d ata relating to:
– The dev elopment of value of the shares sin ce the issue , 2007 to 20 09;
– The type and per centage represen tation pe r unit of the dom ains of business on wh ich the shares rece ived value .

631 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
The document no. 8051 of 25. 05.2010 i ssued by the IAFE Inc ., deposited in the f ile, provided the n ecessar y
clarification.
Following the request of the expert and of the results of A EME de posited in the f ile also the Decision of th e
Extra ordinary Gener al Mee ting of Shareholders No. 31 of 01.06.2 010.
On a vo latile mark et, as was th at of 2007 – 2 010, the v alue of shares was influen ced by the market, which is th e
reason why the title has b een a ssessed by the expert at acqu isition cost, which may not be less than USD 700/share ,
acco
rding the contr act of Sale – Purchase no. 2979, r elating to 7.8 m illion shares, of each 700 USD/acti on, accepted
and agr eed on 27 November 2009 by the Contr acting Par ties resp ectively IAFE Inc. of Oregon, USA and A EME o f
Roman ia, the shareholders resp ectively.
According to the document no.8051 of 25.05.2 010 i ssued by even IAFE Inc ., it still d ecided duri ng 2009 to o ffer
for sale – in the y ear 2010 to 2011 – I AFE Inc. shares to accredited invest ors in the U.S. a nd/or in ternational area, usin g
the provisi ons of Regu lation D, cr eated by the Security Excha nge Co mmission – SEC (Tradi ng Co mmissi on
Certificate s values ) in the U.S .
IAFE Inc . business and en terprise af ter the rece ssion wi ll conti nue in the ar eas of :
– Mark eting and / or extr acting o il, 40 % of busine sses in gener al;
– Trade financial instruments (includi ng sales and trading th eir certificate s or thi rd par ties’, at the m ain share s
exchanges ), 20%
– Mining (me tals, diamonds ), 10%
– IT (including funds and investments in incub ator, inven tions and innov ations busine ss), 10%
– Real estate, international buildi ng and othe r unsp ecified busine ss, 10 %, an d
– Agriculture and co mmer cial exchange (including autom obiles, boat s, aircraft and equipment ), 10%.
Through the document The Decision of The Extra ordinary Gener al M eeting of the Shareholders No. 31 of
01.06.20 10, A EME SA d ecided to res ize/increase the so cial capital through acquiri ng the 7, 800,000 shares of the IAF E
Inc., 700 USD/ share. T hus, the to tal AEME SA cap ital became 5, 510,0 00,000 USD , the existing capital is include d
before this increase .
For Roman ia, such a situ ation was un prece dented.
First, never in the m odern Romanian history such a number of shares, amoun ting to a v alue so hi gh, it wa s
established in kind contribu tion to the capital of a joint stock company .
Secondly , there were no cases in wh ich the shares have b een p aid in advan ce by the future w ork of the holde r.
Third, the shares came from owners of mines of gold , silve r, lithium and diamonds , oil fields , real estate markets –
all – from a broad; the evolu tion of these action s could not be cont rolled, or could be tr aced extremely diff icult.
Fourth, the value of shares fluctu ated by a comp lex for mula where unfam iliar were the markets and type of
resour ces, each with its own evolu tion.
Fifth, the over all positive evolu tion of the v alue o f these shares ( Figure 1) contras ted sha rply with the involu tion of
Romanian cu rrency R ON (Fi gure 2). Refe rring to the Figure 1 HUI Index, it takes into acc ount only gold mini ng
stocks. Shares contri buted incr eased in value only to taling the positive eff ect of increasing shareholder value in f oreign
markets, with the nega tive e ffect of lo cal currency involution .
The case o ffers the image of the influen ce of m acroec onom ics over the m icroec onomics: the nominal eff ective
exchange r ates of the Romanian leu, the b ilateral nomin al exchange r ates of the leu ag ainst the US dolla r and the eu ro,
and the real effective exchange rates of the leu , see Horobet and Ilie (20 07).
Each of these five eff ects re presents a risk in itself. The risk b ecame even m ore visible in the accumu lation o f
finan cial and econom ic eff ects.
This case is one o f the parad oxes o f foreign portfo lio investment, s ee Horobet (200 5). Obviously , foreign investor s
assumed a risk by 's elling' a gr eat numbe r of shares on an emerging mark et of Roman ia chasing high returns.
The expert,
– Observing the in ternation al econom ic situ ation th at aff ected IAFE Inc. t oo in r eal estate, intern ational construction ,
etc.,
– Having regard to the fact that real estate IAFE Inc . represents 10% of to tal

632 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
Fig. 1. Evolution of HUI index in th e period J une 2008 – May 2010
Sourc e: StockCharts .com

– Studying mining, esp ecial ly diamonds, crude oil and gold, which re presen ted – w orldwide – a profitable busine ss
which was not aff ected by the r eal estate downturn , and that represents 10% of IAFE I nc. businesses ,
– Having no eviden ce of the eff ects of pos itive/neg ative of the two types of busine ss on the compan y
– No ting th at un til such time of this asse ssment, the action s – reason of a ssessment – has not yet b een subj ect of
trading, concluded th at the value of IAFE Inc. shares issued on 27 November 2009 and subj ect to ev aluation on Jun e
21, 20 10, is at least 700 USD/ share, and proposes th at value . This, th ough I AFE Inc. d eclares the minimum exp ected
value of 1000 USD/acti on, with a variati on of + / – 10%.

Fig. 2. The e voluti on R ON/EUR betw een 01/01.2007 and 31/12/2 010
Sourc e: Romanian Na tional Bank; http: //www.curs bnr.ro/grafic-val ute
The proposed amount of shares that shareholders AE ME put them together to su pplement the company's lega l
capital was 5. 46 billion USD.
The Nation al Trade Regis ter Off ice – Brasov branch rej ected, Friday, A ugust 27, 2010, A EME request to incr ease
the share capital by an am ount of 19 b illion lei. Following Marin cea (2010), it was the first d ecision taken by thi s
Office in case of this compa ny, the first against it , even the past two, taken by the Court, were pros.

633 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
How the issue was presen ted, both profe ssionals and the pub lic reacte d extremely neg ative relati ng to how A EME
presents itself and works :
i) AEME company was considered ghost company (30.08.2010 adevarul .ro /news /events) ;
ii) AEME represents a m odel aberrant, but clear, about the powe r of mone y
iii) AEME su cceeds to spin huge amo unts of money without giving resp ect and without paying anything f or it;
iv) The company's results [AE ME] in 2009 were not included in the calculation of GDP , the v alues are considere d
"aberrant" by The Nation al Institute of Statis tics, as shown by Cu lita (2011) ;
v) The company in ques tion [A EME] sparked a huge s cand al after it annou nced, in 2009, a bi gger prof it than an y
other company from Roman ia. The s ituation conti nued in 20 10 when the company a nnoun ced a gain of 17.353 b illion
lei, namely 3% of GDP , see ”Z iare.com” (2011) ;
vi) The shareholders of A EME a pplie d a f ictitious mechanism of accumula tion of huge revenu e: the acc ounting
revaluation of some shares in an ordinary U.S. company , see ”Z iare.com” (2011);
vii) „…what's the point of de claring such a profit, they don't n eed to pay tax? The n umbers are clearly inf lated
artificially, but why? We are d ealing with some financi al geniuses or we are prepari ng f or a new fraud? ”
(http://www.ex primar elibera.ro/867/a merican-europea n-marketing-en terprises – Ex primare libera. Sp une ce ai de
spus! ).
Mr. Ion Popescu, dipl. ec., the c oordin ating director of the Directorate of Pub lic Finance Brasov, s aid at the time :
"According to Art icle 20 of the Tax C ode the fo llowing incomes are not taxab le:
– The dividends r eceived f rom a Roman ian legal entity. Also, are not taxab le dividends r eceived from a f oreign
legal en tity, from Eu ropea n Commun ity's s tates, if the Roman ian legal en tity holds less than 25% of the f oreign lega l
entity's shares, f or an unin terrupted peri od of at least two years, which ends at the pa yment d ate of the dividend ;
– The favourab le differences of the shares value, regis tered as a result of the inc orporati on of reserves, profits or
issue premiums from leg al en tities to which it hold shares, as w ell the differences valu ation of long- term finan cial
investments. These are taxable at the d ate of transfer f or fr ee, cessions, with draw al of shares, and at the d ate of
withdraw al of capital from the legal entity to which it hold shares ;
– The incomes from can cellati on of costs f or which there was gran ted no dedu ction, as well as the incomes fro m
the rec overy of n on-dedu ctible expenses ;
– The fr ee tax incomes s tipulated in agreements and mem orandums a pproved by legis lation".
Theref ore, it appears th at no one knows anythi ng about this company, what it does a nd with whom, but it is
importa nt that it succeeded to turn huge amounts of money without giving reports and without paying anythi ng for it.
What lies behind the business and how it involves the Roman ian state is not known . But based on the cla ssical model
checked every y ear, those w ith lots of money can do things which, if an ordinary man had done them would hav e
move as illegal and crimin al nature. In this way h uge amo unts of money can be washed out of the country and "n "
other opti ons, w ithout anyone to do nothi ng, and we can only rea d stupef ied a bout them , as shown by Cris (2010).
3. Conclusio ns
Now , after sever al years from th at time , the auth or of this article has been a pproved by the management of A EME
to present some elements th at shed li ght on the problem :
1. It was right wh at the auth or relate s in his w ork "The w orld we live" at 31.08.2010, but not in the sense th at he
wanted. A EME was r un by ordinary pe ople. Theref ore th eir actions – c orrect as lo ng as no charges and no sour ce di d
not ind icate otherwise – were tr eated as ille gal and criminal order .
2. There was no d eal – in the pej orative sense of the w ord.
3. There were not "swir led" huge am ounts of money . In f act, there was no money „swir led”.
4. The re ports were given to every Tax Inspectorate control, but it was not n ecessary to pay anything. Mr. Ion
POPESCU , coordin ator direct or of the Directorate of Pub lic Finance Brasov exp lained the r easons why .
5. The shares were not issued f or an amo unt gr eater than the nomin al value .
6. A EME did not a pply a fi ctive m echanism of accu mulation of huge incom e: shares h eld by a "triv ial U.S.
company" were v alued at the nominal value, b elow which the law does not all ow. So art. 92, al.(1) of the Act
no.31/1990 have b een comp lied.

634 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
7. According to art. 16, al. (2)/Law no. 31/1990, evalu ation was made f or each case. Only in the last case, the Nationa l
Trade Regis ter Office Brasov rej ected the request of A EME for share capital increase, d ecision m aintained by the nex t
two superi or levels of ju dgment also.
8. It is fair to point out and co mment on the r easons f or the decision given by NTR O: thus, by Resolu tion of rej ection
nr.8422 o f 23.06.2011, the NTC Director Brasov attac hed to the Trib unal f ound that "shares of a company are deb t; …
between shareholders and the company are es tablished simila r relati onships as betw een cred itors and debt ors. "
With this d ecision, the NTR chief did not take into account the fact that the a lternative 'C' to the Contr act provided :
„Buye r pays f or capital shares acquired by maki ng a sp ecial serv ice for IAFE Inc ., It … is considered comp leted once
with the agreement and co-signing of this contr act". That means ti tle was p aid, so there was no way to be a debt. W e
do not want to comment on other i ssues. On the other hand, the shares valuation was not for sale, so the go al was no t
to record a prof it, but to int roduce, by law , the g oodw ill in the a ssets of the company .
9. Interes ting was th at, although the object of the f ile was iden tical to the other two, earlier was not considered re s
judicata.
10. Sp ecialize d works, e.g. Ma na e (2010), show: " Debts (defin ition): Re presents cu rrent obligations resu lting fro m
past events and whose set tlement w ill resu lt in an outflow of resour ces em bodying econom ic benefits. The fact that of
a debt gener ates can b e: law, s tatute, contr act, common practice, the desire to m aintain good business r elation s or act
equitably. The s ettlement of a debt can be made by: cash, transfer of a ssets , provision of serv ices, replacing debt wit h
another debt-into capital”. Or, in the case A EME, the equiv alent of intangib le assets "shares" was deemed to be p aid
under the contr act. Just to resolve the r eceivable due to the action for the b alance sh eet, art. 105, al. (3) /Law No. 3 1
of 1990, provides th at "if the shares are included in the b alance sh eet, on the lia bility side is a reserve of the sam e
amount, unav ailable for distribu tion" .
11. As Ma na e (2010) shows , IAS 39 classifies finan cial assets (shares is /are a finan cial asset) in four categories to
assess a finan cial asset after initial rec ognition :
a) loans and recei vables cr eated by the en terpr ise and not held f or tradi ng;
b) investments h eld to maturit y
c) finan cial ass ets held for tradi ng. These are those a ssets that were acquired or produ ced primarily f or the pu rpose
of gener ating profit as a resu lt of sh ort-term price fluctuations or margin r etained by the d ealer. This kind of a sset is
part of the g roup "financial assets at fair value through profit and lo ss".
d) financ ial assets av ailable for sale.
In the case A EME, bought shares can only be finan cial ass ets h eld for tradi ng, wh ich, previ ously, were finan cial
asset s available for tradi ng at the ent ity from which they were purchased .
The most fam ous inst ruments are shares , bonds, opti ons, futures, wa rrants etc.
In the case of shares, the holders are en titled to r eceive dividends in resp ect of prof its of the en tity. B eing bought ,
do not have how lo nger to be claims.
The bonds only atte st the right to claim of the owner/holde r (the cred itor) on the issui ng entity.
AEME bough t shares , not bonds .
It is, howeve r, good to present da ngerous asp ect of this case, t oo. Art no. 44 ^ 1, al .(1)/Law No. 31 of 1990 provide s
for the poss ibility the acquis ition – by the company, within a peri od of 2 y ears from the es tablishment, or its
authorizati on to co mmen ce business, of a g ood from a fo under shareholde r, for a f ee or other equiv alent v alue
represen ting at least one tenth of the share cap ital subscribed. This would mean that a company – as A EME – could ,
after two y ears, to repurchase its action s even from the company activity. If we assume th at the company woul d
participate in an au ction with its huge capital, or – with the same capital – would co nvince a bank to a p ledge, af ter tw o
years could buy land or othe r asset s from the capitalizati on of which would g et real money , based on the joint stock .
Somehow , this situ ation bothers us .
But wh at is the differen ce between a brand Cer tificate , every body can p ledge in many co untries, not in Roman ia,
and the action working as a brand ?
We b elieve th at, in terms of v alue titles, the d ecision-makers in Roman ia have not y et ne cessary tools to cont rol
and ev aluate them properly. O r, if they have t ools, they do not use them as they re present, as in the U.S ., high risk, for
which the econom ical structure is not ready.

635 Sorin Raul Fantana / Procedia Economics and Finance 27 ( 2015 ) 629 – 635
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Say wh at you have to say!]