Romanian insurer City Insurance used fake bank account statements from a foreign bank, with the direct involvement of Chairman of the Managing Board Renato Szilagy, according to the conclusions of the financial markets regulator ASF following the inspection at the company that was subsequently placed under external management.

The bank statements apparently fail to comply with the procedures followed by the bank, as they are signed by only one manager - as opposed to all other statements signed by two managers, ASF also explains, Adevarul reported.

The identity of the foreign bank was not disclosed, but the fact that legal procedures specific to foreign partners were used indicates that it was not a local bank. 

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andrei@romania-insider.com