Romanian Conservative Leader Indicted In Fraudulent Privatization Case

Romanian media mogul and politician Dan Voiculescu on Thursday was indicted on charges of abuse of office and money laundering in the case regarding the privatization of the Food Research Institute (ICA).

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Imaginea articolului Romanian Conservative Leader Indicted In Fraudulent Privatization Case

Romanian Conservative Leader Indicted In Fraudulent Privatization Case

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.
 
Voiculescu and the other accused will be tried before the Bucharest Courthouse.

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