Former head of Romanian Railways Company Mihai Necolaiciuc acquitted by court in fraud case

Bucharest’s District 1 court have acquitted Mihai Necolaiciuc, the former director of the Romanian Railways Company (CFR), in a EUR 2.7 million fraud case, related to purchasing goods within a project to rebuild infrastructure damaged by floods in 2000. The court ordered Necolaiciuc’s acquittal for the offense of using the guarantee loan from public funds for purposes other than those it was granted for, in order to obtain money, goods or other undeserved benefits. Viorica Olaeru, former manager of the Economic Department of CN CFR SA, was also acquitted by the court. However, the decision is not final and can be appealed within 10 days. In May 2011, prosecutors of the National Anticorruption Directorate ordered the prosecution of Mihai Necolaiciuc and Viorica Olaeru, both charged with using loans guaranteed from public funds for other purposes than those they were granted for, in continuous form. Irina Popescu, irina.popescu@romania-insider.com