Court Sets Date For Jan In Fraudulent Privatization Trial Involving Conservative Leader Dan Voiculescu

The Bucharest court set for Jan 6, 2009 the trial date for the case in which conservative leader and media mogul Dan Voiculescu is accused of abuse of office and money laundering in the privatization of the Food Research Institute (ICA).

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However, as Voiculescu was elected senator, after the election results are published in the Official Gazette, the Supreme Court will have to try his case. Voicluescu was indicted Thursday, on the same day when the country’s central election authority released the final official results of the parliamentary election held on Nov 30.

Anticorruption prosecutors indicted 12 other people in the case.

According to prosecutors, the fraudulent privatization cost Romania over EUR60 million.

Voiculescu, in his position of leader of the Conservative Party (PC), formerly known as the Romanian Humanist Party (PUR), allegedly abused his authority to get hold of the institute at a lower price.

Voiculescu allegedly used his authority on Gheorghe Mencinicopschi and several other influential people (including former telecom minister Sorin Pantis) to buy through his company SC Grivco SA the state’s stake in the institute at a price much lower than its actual market value.

Moreover, during May 24, 2004 – February 14, 2005, Voiculescu allegedly got hold, via two successive share capital hikes, of over 70% and subsequently over 90% of the institute’s shares.

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