Romanian billionaire’s companies enter insolvency

The agriculture companies InterAgro SRL Zimnicea and InterAgro SA, owned by the Romanian billionaire Ioan Niculae, entered insolvency. The Teleorman Court admitted the demand of several creditors for the insolvency of the two companies run by Ioan Niculae. The company InterAgro SRL controls the largest part of Niculae’s businesses in agriculture and industry and has an annual turnover of some EUR 355 million in 2014. InterAgro SA was Niculae’s holding company and had EUR 392 million in revenues in 2014. The two insolvent companies had cumulative losses of over EUR 40 million the same year. In April last year, Niculae has been sentenced to two years and six months in jail for illegally financing the presidential campaign of Mircea Geoana, in 2009. Niculae is currently serving the prison sentence. The prosecutors are also investigating Niculae for buying influence, tax evasion, and money laundering. In 2014, Niculae was the richest person in Romania, according to the local Forbes 500 Billionaires 2014. editor@romania-insider.com