World Bank’s investment arm ups share in controversial Romanian IT company

The International Finance Corporation (IFC), World Bank’s investment division, has increased its share in Teamnet International, one of the largest IT solutions integrators in Romania, following an investment of EUR 4.4 million. IFC now has a share of 16.18% in the company up from about 10%,reports local Profit.ro. The company’s capital was boosted through a bond issue. Besides IFC, another 14 shareholders bought new titles. Teamnet International has 26 shareholders in total. The company was set up in 2001, and is part of the Teamnet group founded by the investor Sebastian Ghita, who has been investigated by the anticorruption prosecutors on several charges in recent years. Ghita claims that he has sold all his shares in the companies he had founded, including in Teamnet International, in 2012 when he became a member of Romania’s Parliament. editor@romania-insider.com