Romania To Pay Bulk Of Legal Expenses In Invest Fund Trial

The Bucharest Court of Appeal decided that that most of the legal expenses brought by the trial of the appeal in the case involving the crash of the National Investment Fund (FNI), worth RON548,970, would be paid by the state.

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In addition, through the same ruling, the court ruled that Ioana Maria Vlas, Nicolae Popa, Marian Petrescu, Mihaela Sima, Marius Andrei, Gavril Batran, Mircea Costescu, Muscel Ionescu Ianculescu, Gheorghe Negura, Stefan Boboc Stefan and Cezara Cecilia Bebis, together with the National Securities Commission, SC Sov Invest SA and SC Gelsor SA, would pay back civilians involved in the case with the sums initially invested, adjusted with the inflation rate starting with May 24, 2000.

Through this new decision, the Bucharest Court of Appeal brought some partial changes in the previous sentences of the Bucharest Court rendered in March 2007, October and December 2006 and November 2007.

The court also sentenced the former investment fund manager Ioana Maria Vlas to ten years in prison in the collapse of the National Investment Fund.

Vlas was found guilty of fraud and abuse of office. The court withdrew some of Vlas’ rights for a five-year period after she serves her sentence.

The court also noted the charge of forgery falls under the statute of limitations.

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