Romanian High Court Of Justice Sets RON750,000 Legal Expenses In FNI Trial

According to the memo of the decision reached Thursday by the High Court of Justice in the FNI trial, Ioana Maria Vlas, in solidarity with SOV Invest, needs to pay RON75,000 in legal expenses, including RON500 as the fee for the court appointed lawyer.

Also in solidarity with SOV Invest, defendants Marian Petrescu (former president of the company managing FNI), Mihaela Sima (former economic director of SOV Invest) and Gavril Batran (member of the SOV Invest managing board), will have to pay RON75,000 each as legal expenses.

The Court also decided Stefan Boboc (former president of the Romanian National Securities Commission) and Cezara Bebis will pay RON75,000 each, in solidarity with the Securities Commission (CNVM).

In addition, Marius Andrei, Mircea Costescu, Mircea Muscel and Gheorghe Negura are forced to pay RON75,000 each, to the state.

Romanian privatization authority AVAS, the National Securities Commission, the Gelsor company and CEC Bank have to pay RON50,000 each, representing legal expenses.

The Romanian High Court of Justice decided Thursday to uphold the Bucharest Court of Appeals’ decision to sentence former fund manager Ioana Maria Vlas to ten years imprisonment in the case of the collapse of the National Investment Fund.

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.

 

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