Romanian Supreme Court Postpones Ruling In Bankrupt Fund File For June 4

Romania’s High Court of Justice postponed Thursday, for the third time, until June 4, a ruling in the case involving the country’s former National Investment Fund, or FNI, which went bankrupt in 2000.

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Supreme Court judges are currently trying 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.

Romania’s privatization authority AVAS has to pay 212 million lei (EUR1=RON4.1630) to investors in FNI on the basis of court rulings, after having already paid a total RON242.4 million so far for 10,742 investors, namely, 45.85% of total applications, according to its data made public in February.

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

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