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Romanian Petromservice Fmr General Manger Indicted For Embezzlement, Tax Evasion

Romanian prosecutors have indicted Mihai Sorin, former general manager of oil industry company Petromservice, on charges of fund misappropriation, tax evasion and money laundering, the Department Investigating Organized Crime and Terrorism (DIICOT) said in a press release Thursday.
Romanian Petromservice Fmr General Manger Indicted For Embezzlement, Tax Evasion
Mediafaxfoto
23 iun. 2011, 14:10, English

Alongside Sorin, 12 other people were indicted on the same charges. They embezzled EUR6.5 million in company funds, said prosecutors.

According to prosecutors, Sorin, who filled the position of general manager of PSV Company (former Petromservice) and other people, some of whom held management positions within the company, withdrew significant amounts of money from the company’s account.

In order to cover up their operations, they signed false contracts with 18 companies set up especially for this purpose. Based on the respective contracts, they paid for services which had never been provided.

According to investigators, the 13 people are also accused of tax evasion, as they submitted false fiscal statements to hide their income source.

The case will be tried by the Bucharest Court.

Petromservice was founded in 2002 when oil company Petrom outsourced some of its services.