Just before resigning, head of Romanian privatization office files criminal complaint against Dan Diaconescu over Oltchim fiasco

The chemical producer Oltchim privatization scandal continued with a criminal complaint brought against Dan Diaconescu, the investor who had won the first bid to take over the company, but who had failed to do so. The head of the Office of State Ownership and Privatization in Industry (OPSPI) Remus Vulpescu has brought the charge against Diaconescu for misleading the Romanian state and public about having the EUR 45 million necessary to buy a majority share package in the factory. Vulpesc himself resigned after the privatization was canceled, and going to court against Diaconescu was his last decision at OPSPI. The acquisition contract of shares was not signed because Dan Diaconescu didn’t show evidence of having the EUR 45 million that he committed to pay for the shares. Prime Minister Victor Ponta said Monday after the announcement on the canceling of the privatization contract that Remus Vulpescu should not continue as head of OPSPI. At the same time the Minister of Economy, under whom OPSPI operates, said that in his view Remus Vulpescu should be replaced when the Oltchim privatization is finished. Both positions, however became moot points, as after they were made, Vulpescu announced his resignation without waiting to see if he gets fired are not. PM Ponta said Vulpescu "would understand" when asked if the OPSI head was to be fired. It seems he did. Dan Diaconescu won the tender for the acquisition of 54.8 percent of Oltchim's shares , after bidding RON 203 million (EUR 45 million), the highest price offered for the shares held by the state. Ioana Toader, ioana.toader@romania-insider.com