Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian court clears Lukoil companies and managers of money laundering accusations

The Prahova Court acquitted, in a retrial, the companies Petrotel Lukoil and Lukoil Holland accused of fraud and money laundering in a case initiated by former prosecutor Mircea Negulescu.

The sentence is not final and can be appealed by prosecutors at the Ploiesti Court of Appeal, according to G4media.ro.

Romanian prosecutors announced in August 2016 that they had completed their investigations into alleged fraud at the local Lukoil refinery. They indicted the Russian-owned Petrotel refinery, its Russian director-general, and five other officials.

The prosecutors estimated the losses to the state at RON 7.6 bln (EUR 1.76 bln) and seized shares and bank accounts of companies belonging to the Lukoil Group worth EUR 2 bln.

Some of the accusations concern transfer pricing practices between 2011-2014 when the refinery's managers concluded contracts for the purchase of crude oil and for the sale of petroleum products at prices that were not favorable to the company, the prosecutors concluded. Separately, there were allegations related to financial contracts with firms within the group.

The Prahova Court's ruling in December 2020 clears all the group's officials involved. Former general manager of Petrotel Lukoil, Andrey Iurevich Bogdanov, has also been acquitted of alleged misuse of the company's capital and money laundering.

The Russian citizens Alexey Voinstev and Olga Kuzina, deputy general managers of Petrotel Lukoil, the Moldovan citizen Andrei Rata, a member of the refinery's Board of Directors, Dan Danulescu, another deputy general manager of Petrotel Lukoil, and Dorel Dutu, chief accountant of the company, were acquitted as well.

The court decided to revoke the precautionary measures on the Petrotel Lukoil refinery worth almost EUR 1.7 billion.

andrei@romania-insider.com

(Photo source: Petrotel.lukoil.com)

Normal
Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian court clears Lukoil companies and managers of money laundering accusations

The Prahova Court acquitted, in a retrial, the companies Petrotel Lukoil and Lukoil Holland accused of fraud and money laundering in a case initiated by former prosecutor Mircea Negulescu.

The sentence is not final and can be appealed by prosecutors at the Ploiesti Court of Appeal, according to G4media.ro.

Romanian prosecutors announced in August 2016 that they had completed their investigations into alleged fraud at the local Lukoil refinery. They indicted the Russian-owned Petrotel refinery, its Russian director-general, and five other officials.

The prosecutors estimated the losses to the state at RON 7.6 bln (EUR 1.76 bln) and seized shares and bank accounts of companies belonging to the Lukoil Group worth EUR 2 bln.

Some of the accusations concern transfer pricing practices between 2011-2014 when the refinery's managers concluded contracts for the purchase of crude oil and for the sale of petroleum products at prices that were not favorable to the company, the prosecutors concluded. Separately, there were allegations related to financial contracts with firms within the group.

The Prahova Court's ruling in December 2020 clears all the group's officials involved. Former general manager of Petrotel Lukoil, Andrey Iurevich Bogdanov, has also been acquitted of alleged misuse of the company's capital and money laundering.

The Russian citizens Alexey Voinstev and Olga Kuzina, deputy general managers of Petrotel Lukoil, the Moldovan citizen Andrei Rata, a member of the refinery's Board of Directors, Dan Danulescu, another deputy general manager of Petrotel Lukoil, and Dorel Dutu, chief accountant of the company, were acquitted as well.

The court decided to revoke the precautionary measures on the Petrotel Lukoil refinery worth almost EUR 1.7 billion.

andrei@romania-insider.com

(Photo source: Petrotel.lukoil.com)

Normal
 

facebooktwitterlinkedin

1

Romania Insider Free Newsletters