Romania Jails Senior Politicians For Fraud

A Romanian court jailed an MP and a former minister for manipulating the stock exchange in what is seen as an important test case.

Romania’s appeals court on Tuesday jailed a senator, Sorin Rosca Stanescu, for two years and four months for his involvement in a case seen as a test of Romania’s ability to conduct high-level corruption trials.

Stanescu was found guilty of using privileged information and manipulating the stock exchange by underselling shares in the oil company Rompetrol and then buying them back.

Six other people, including former Communication Minister Sorin Pantis, were also jailed for the involvement in the crime. Pantis, who is already in jail for money laundering, is to serve two years and eight months.

On 7 April 2004, Rompetrol – Romania’s second largest oil group – was listed on the Bucharest Stock Exchange. More than 2 billion shares were traded that day. Some friends of Dinu Patriciu, the then owner of the company, including politicians, bought shares at very low prices only to sell them later for big profits.

Officials of the former capital market supervisory authority CNVM were also indicted in this case as accessories to capital market manipulation, as they closed their eyes to these transactions. All have been given jail sentences with parole.

Dinu Patriciu died in August, aged 64. Prosecutors had sought a 20-year jail sentence for Patriciu, as he orchestrated the stock market listing, but he was never convicted.

Patriciu sold his stake in Rompetrol in 2008 to Kazakhstan’s state-owned energy operator KazMunaiGaz for around 2.7 billion dollars, according to media reports.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Have fun reading. Message me any time.

Slippery Edge

beauty is in the eye of the beholder


humor. storytelling. general stupidity.

unbolt me

the literary asylum

Becky's blog. Just a Zimbo in Masvingo, Zimbabwe, Africa

"An eye for an eye will only make the whole world blind" - Mohandas Gandhi. Then so be it.

Neurodivergent Rebel

Rebelling against a culture that values assimilation over individuality.


Unlimbited Tree Service was started with one goal in mind: To enhance the beauty and value of residential and commercial properties while ensuring the safety of their occupants. With Unlimbited, you know that you're getting the very best.


Fashion blog by Parisa

Beaches RVs

Beaches RVs offers a range of quality Campervans, Caravans etc.

Texas Native Threads

Uniquely Texas, Simply you.

Histoires de photos

Photographe spécialisé argentique Nord


Food . Culture . Community . Japanese . Sansei

Mission: Loved

Prayer, Worship and Missions ministry of Dylan Raines

Janine Nissa

Fashion - Travel - Lifestyle


Mindfulness, Spontaneity and Authenticity

Salt of Portugal

all that is glorious about Portugal


Travel and my anecdotes

%d bloggers like this: