Romania's Banca Transilvania head, not guilty of capital market manipulation, court decides

The Bucharest Court has recently decided that Horia Ciorcila, the president of the board with Banca Transilvania, is not guilty in the case of the alleged capital market manipulation, following the accusations made in 2010 by the Directorate for Investigating Organized Crime and Terrorism (DIICOT) Cluj, according to Banca Transilvania. “I noted the decision in my favor, delivered today by the Bucharest Court in the case of alleged capital market manipulation, and I appreciate that through this decision, the legal rules were properly interpreted, the truth being restored”, said Horia Ciorcila. He believes this action was a great injustice against him, that tried to damage his life, reputation and career. Horia Ciorcila and the head of Bank of Cyprus Romania, Georgios Christofourou have been summoned to trial on alleged stock market manipulation and money laundering in the Bank of Cyprus acquisition of a share package in Banca Transilvania. DIICOT have also sent to trial a former vicepresident of the administration council of Banca Transilvania, Claudiu Silaghi, and Bank of Cyprus employees, Anastasios Isaakidis, along with four other private individuals. Claudiu Silaghi is accused of having obtained privileged information from another individual and of buying 43 million Banca Transilvania (BVB symbol:TLV) shares, in order to create a dominant position and hide the identity of the real owner. He is also accused of using insider information about the Bank of Cyprus’ intention to buy a significant share package in Banca Transilvania. Silaghi sold EUR 17.8 million worth of shares. Horia Ciorcila, who allegedly knew about Bank of Cyprus’ intention to buy in, has also sold shares in Banca Transilvania in two transactions, after using privileged information, according to the DIICOT accusations. Ciorcila has sold EUR 5 million worth of shares, according to the DIICOT statement. Irina Popescu, irina.popescu@romania-insider.com