Romanian-French Businessman Sentenced To $100M Compensation Payments In Dacia Felix Case

A Romanian Court of Appeals in south-eastern Constanta rejected the annulment appeal filed by Romanian-French businessman Sever Muresan, thus sentencing him to compensation payments of over $100 million and CHF10 million in the Dacia Felix Bank case, said Court representatives Wednesday.

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Muresan, former vice-president of the now defunct Romanian bank Dacia Felix, appealed on March 19 the decision of the Court of Constanta, which had ordered him to pay compensations of over $100 million and CHF10 million in the Dacia Felix Bank case.

In February, 2009, the Court of Constanta ruled for the acquittal of Muresan and former Dacia Felix president, Mircea Horia Hosu, in the case of bankrupting Dacia Felix. The two Romanian businessmen were acquitted on counts of fraud, material forgery of official documents, fraudulent management of goods and abuse in office. Hossu and Muresan were sentenced to pay to "Bank Leumi Romania" (formerly Eurom Bank, formerly Dacia Felix) compensations of RON15,800,000, $119,607,318, CHF10 million, and the RON equivalent of FFR2,757,830 at the last recorded exchange rate before the French currency was withdrawn from circulation.

According to the file, Muresan obtained loans exceeding RON1 billion between 1993 and 1995, while serving as president of several companies based both in Romania and abroad, and as a member of the bank's Management Board. The official reason cited at the time was the acquisition of steel-concrete, which was to be exported to the Virgin Islands-based company Cadewel Investment Ltd., managed by Muresan.

To cover loan reimbursements, Muresan and Hossu allegedly drew up and used forged financial and banking documents.

Muresan and Hossu were arrested in January, 1997, and released four months later because of a procedure flaw (a clerk forgot to sign some papers - e.n.). The two businessmen's trial started in October 1997, was moved back and forth from one courthouse to the other, and the acquittal was eventually pronounced by the Court of Constanta.

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