Romanian Finance Ministry launches control at state-owned CEC Bank

Romania’s Finance Ministry has launched a control at the state-owned lender CEC Bank. The Ministry’s control body is looking into a EUR 3.2 million loan CEC Bank granted to a Romanian investor, who is publicly known as a relative of the influential politician Vasile Blaga, to buy a hotel in Vienna, reports local Profit.ro. In 2008, the Satu Mare-based company Bella Consulting Construction got a loan of EUR 3.2 million for buying a four-star hotel in Vienna. The company is involved in hydrotechnical constructions and is controlled by the investor Dumitru Pop. He is related to Vasile Blaga, the former co-president of the National Liberal Party (PNL), according to several public statements of the independent senator Valer Marian. The company later sold the hotel and entered insolvency without paying back the loan. The Finance Ministry has also asked Romania’s National Bank (BNR) to help with this control. CEC Bank is a state lender controlled by the Finance Ministry. editor@romania-insider.com