Romanian Banca Transilvania Chairman Faces Insider Trading Charges

The case refers to bank share trades that allegedly brought an illegal profit of some 200,000 lei (EUR1=RON4.2375).

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.

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.

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

The case has been sent to the Bucharest Court for trial.