Romania Supreme Court Resumes Debates On Bankrupt Fund File

Romania’s Supreme Court resumed debates Monday on the case involving the country’s former National Investment Fund, or FNI, which went bankrupt in 2000, after judges previously warned they would try the case regardless of the legal status of culprits.

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Supreme Court judges currently try an appeal in the case after the Bucharest Court of Appeals sentenced the fund’s former manager Ioana Maria Vlas to ten years in prison for fraud and abuse of office, which led to the collapse of the fund.

Launched under the slogan "Sleep in peace, FNI is watching over your money!", FNI proved to be a major fraudulent financial institution whose collapse was officially announced on May 25, 2000.

The judiciary at the time soon started an investigation and 13 people were sentenced to a total of 98 years in prison.

Early July 2008, Romania’s privatization authority AVAS said it paid damages worth a total of 80.58 million lei (EUR1=RON4.1189) to investors in FNI.

The authority said payments would continue within the limit of available funds.

AVAS started paying damages to investors in FNI on October 18, 2007.

The authority estimated at the time that overall payments to FNI investors would reach some RON400 million in 2008.

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