Former Romanian billionaire’s empire shrinks while he’s in jail

Agriculture companies InterAgro SA and InterAgro SRL, the two biggest firms controlled by jailed local businessman Ioan Niculae, registered a cumulated turnover of EUR 146 million in 2015, five times lower compared to 2014. The two companies had EUR 740 million sales in 2014, according to official data from the Finance Ministry. Both companies had losses last year and went into insolvency at the beginning of this year. InterAgro SA reduced its turnover by 84.4% compared to 2014, to EUR 62 million, and increased its losses 2.8 times, to EUR 13.3 million. InterAgro SRL had EUR 84 million revenues, 76.4% lower than in 2014, and EUR 23.5 million losses. The two companies had cumulated debts of EUR 588 million at the end of 2015. Niculae also owns six fertilizer plants which are currently closed. The businessman was sentenced to two years and six months in jail, in April 2015. He was found guilty of illegally financing local politician Mircea Geoana’s presidential campaign in 2009. Ioan Niculae was Romania’s richest for several years in a row before being convicted. editor@romania-insider.com