Romanian Ctrl Bank Move Depends On Insider Trade Case Ruling

„There will be a trial. (…) All those involved get the benefit of the doubt until a final ruling is issued,” said Vasilescu, an adviser of the central bank governor, Mugur Isarescu.

The central bank has the final say in the choice of bank management staff.

Romanian lender Banca Transilvania’s (TLV.RO) chairman, Horia Ciorcila, was sent to trial on charges of insider trading and market manipulation, investigators announced Monday. Alongside Ciorcila, a former Board member of Banca Transilvania and two representatives of Bank of Cyprus were also accused by the Romanian prosecutors.

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In December, Bank of Cyprus announced it had bought almost 10% in Banca Transilvania.

According to investigators, the defendants allegedly acted on privileged information in order to secure a dominant position on the supply and demand of Banca Transilvania shares, as well as to create unfair trading conditions.

Defendants in this case, handled by the local organized crime task force, include Horia Ciorcila, Claudiu Eugen Iuliu Silaghi, former vicepresident of Banca Transilvania, Georgios Christofourou, general manager at Bank Of Cyprus – Public Company Limited – Romania; Anastasios Isaakidis, employee of Bank Of Cyprus – Public Company Limited – Romania, as well as Mirela Silaghi, Dorina Marioara Cojocaru, Sergiu Dan Dascal and Radu Codrut Jurcovan, all charged with manipulation of the stock market.

„Only Banca Transilvania shareholders are involved, not executive staff. This matter involves the bank’s shares alone, not its activity. (…) The bank is solid and activity will continue unhindered,” Vasilescu also said.

The case was sent to the Bucharest Court for trial.