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Controversial businessman cleared in Fund's crash

de     HotNews.ro
Vineri, 12 mai 2006, 0:00


Romanian controversial businessman Sorin Ovidiu Vantu was cleared on Thursday of abuse instigation against public interest, following the closure by the High Justice Court of the case investigating the crash of the National Accumulation Fund (FNA) in 2000.

The only arrested in the case is Ioana Maria Vlas, former president of SOV Invest, charged with embezzlement that generated a 25 bln lei loss to some 13,200 investors. She is currently serving seven years in prison for the collapse of FNA and other 20 years for the National Investment Fund (FNI) crash.

SOV Invest set up the two funds in late 90s. The owner of the company was Sorin Ovidiu Vantu (SOV). His closest allies, such as Nicolae Popa, former manager of a group of companies set up by Vantu a"" Gelsor a"" and, Liviu Istrate, manager of Banca Agricola and Gavril Batran a member of the SOV Invest administration board, were sentenced to prison.

The businessman announced recently he owned the news TV station Realitatea. He launched another TV station a"" The Money channel in the beginning of May and announced plans of setting up a press agency.




















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