Romanian Loteria II Case Involves Stock Mkt Manipulation Operations

Romanian anticorruption prosecutors charged businessman Gheorghe Copos and the other 12 people involved in the Loteria II case with stock market and Rasdaq market manipulation operations.

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"Most stock market operations unfolded by the defendants were performed through Cross operations, through the issue of simultaneous sale-purchase orders, performed by clients of the same regional investment fund. This leads to the conclusion that, since the information on sellers is not public, the investment company was chosen through side-deals between buyer and seller. Given the high number of operations of this type, coincidence is not plausible," the case file reads.

Gheorghe Copos allegedly borrowed 2,350,000 lei (EUR1 = RON4.0296) from Grivco, a group of companies held by business man and politician Dan Voiculescu. Later he later financed the purchase by Grivco of a stake in Ana Imep, which later was leased for RON2,480,000.

As for Camelia Voiculescu, investigators said she "deliberately acted, at the request of defendant Sorin Pantis and together with Gheorghe Copos, Niculae Ghinea and Giulio-Giuzepe Roza, towards maintaining the trade price for SC Ana Imep at an artificial level, towards avoiding the unfolding of the compulsory public offering."

In addition, investigators said Camelia Voiculescu tried to "pass the blame" for her deeds to former communications minister Sorin Pantis and to the director of Rombell Securities, Gheorghe Nicolae, "claiming they are the ones who handled the Ana Imep shares and were involved in the initiation and negotiation of the stake sale."

Sorin Pantis was the one who personally signed five loan contracts concluded by Copos with Grivco, as well as the contract through which the shares bought with borrowed money were later leased to him. Dan Voiculescu allegedly told Copos to take Ana Imep off the bourse and buy shares in a synchronized action.

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