Bucharest Court OKs VIas’ Release From Custody In Major Fraud Case

The Bucharest Court of Appeals Monday annulled the arrest warrant of Ioana Maria Vlas, head of Romania’s former National Investment Fund, and she is free to leave custody after nearly eight years of detention at the Criminal Investigation Department.

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Debates in the trial in which Vlas is charged with the collapse of the fund on May 25, 2000 have been completed and the judges with the Bucharest Court are expected to rule Wednesday, April 9.

On April 2, the Bucharest Court admitted the fourth request forwarded by Vlas for her release from custody. Prosecutors have so far appealed each request forwarded by Vlas and won.

The Bucharest Court, which ordered on February 18 the issue of a warrant compelling Sorin Ovidiu Vantu, also charged in the file, to appear in court escorted by police officers, expected Vantu to show up for hearings last Wednesday. This was the fourth time Vantu had managed to evade the hearings, but this time he was fined RON5,000.

Vantu is to be heard as witness after the Bucharest Court approved the request submitted by FNI manager Vlas.

After many attempts over the last few years, Vlas finally managed to convince the court to hear the alleged “guru” behind the FNI scandal.

In her request, Vlas informed the court that Vantu was not prosecuted although he had benefited from large sums of money from FNI funds.

Vlas stressed that Vantu should at least be charged with instigation and accessory.

Vantu last showed up in court in 2005 in the file regarding the setting up of Romania’s former Development and Investment Bank (BID).

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 98 years in prison.

The main culprits, namely, the Fund’s CEO Nicolae Popa and Vlas, were sentenced to 24 and 20 years in prison, respectively.

In June 2006, the Bucharest Court of Appeals decided to re-open the file.

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