Romanian Fund Ex-Manager Ioana Vlas’ Sentence Upheld By High Court Of Justice

The decision is final; therefore Vlas will serve the remainder of the sentence, after deducting the time spent in police custody.

The High Court has upheld the Court of Appeals’ decision in part, as the FNI case includes several defendants. According to the High Court’s decision, the Romanian Asset Capitalization Authority is not civilly liable and is not obliged to compensate FNI investors.

Vlas’ co-defendants, Gavril Batran, Mircea Costescu, Mircea Ianculescu and Ioan Dita, have each received a suspended sentenced of three years and six months plus five years and six months probation. They have all been charged with complicity to serious fraud. Another defendant, Marius Andrei, received a suspended sentence of three years and eight months plus five years and eight months probation.