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

Eclipsed Words

Aspire to inspire others & the universe will take note

World4Justice : NOW! Lobby Forum.

Family Law and Child Welfare Reform.

Rabia Rambles

Ramblings About Beauty, Lifestyle & Everything In Between!

Perfect Place For Men's Wear And Accessories

casual blazer, summer blazers for men, blazers for men, online shopping of blazer, men blazers, messenger bag india, messenger bags for men india, bag for men, bags online india, backpacks for men, backpacks online, backpack bags, backpack online, duffle bags online, duffle bags for men

InsureZero Blog

All you need to know about Insurance


This site is the cat’s pajamas

Passionate About Music

This site was originally created as a protest that One Direction was not scheduled to come to Alberta on the WWAtour, and then as a record of the WWATour & OTRA Tour. I will occasional stray and post about other topics. I like to re-blog other fans posts about 1D :-)

Orion Bright Star

" Love is the vibration of all Healing "


Environmental Health & Safety, NEPAL

Sketches from Berlin

Berlin Stories, Poetry & etc. by M.P. Powers

My Daily Journal.........

Everything from my world to yours'......:)

The Perks of being Different

Just sharing some experiences :)


Confessions of a book-traveller

Спектакли онлайн

Спектакли онлайн — блог Алексея Марковича, где автор выкладывает фото и видео спектаклей, поставленные по его произведениям. Алексей Маркович, 39 лет. Писатель, сценарист, переводчик, режиссёр театра SCI-FI THEATER (Орегон, США). Алексей проводит творческие вечера, на которых читает свои рассказы.


मुखपृष्ठ मच्छिंद्र माळी



%d bloggers like this: