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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian prosecutors crack on with investigations on City Insurance bankruptcy

Prosecutors of the Romanian General Prosecutor's Office picked up documents from the City Insurance headquarters on Thursday morning, four days after the financial market regulator ASF lifted the company's functioning license. Prosecutors allege crimes of embezzlement, money laundering, forgery, and abuse of office, Bucharest Police announced.

ASF spokesman Daniel Apostol told Ziarul Financiar that the Authority notified the Public Ministry and other prosecutor's offices, including the Directorate for the Investigation of Crime and Terrorism (DIICOT), since April 2021.

In an interview given to Ziarul Financiar, ASF's director that handled the case, Valentin Ionescu, explained how the frauds took place. Namely, the documents demonstrating in 2017 the funds held by City Insurance in a Swiss bank were copies legalised by a Swiss notary and sent by Swiss mail. The documents were faked, ASF eventually found this year when checking with the Swiss bank.

Neither ASF officials at that time nor the audit company checking insurers' documents found it necessary to check deeper the bank documents since 2017.

In early 2021, the fake bank accounts held by City in the Swiss bank rose to EUR 125 mln.

Similar investigations of ASF last year established that City's reinsurance company was not a company based in the United States (Miami) as declared by the insurance firm, but a subsidiary located offshore. The process of establishing the identity of the reinsurance form was highly time-consuming, Valentin Ionescu explained. 

andrei@romania-insider.com

(Photo source: Andrey Popov/Dreamstime.com)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian prosecutors crack on with investigations on City Insurance bankruptcy

Prosecutors of the Romanian General Prosecutor's Office picked up documents from the City Insurance headquarters on Thursday morning, four days after the financial market regulator ASF lifted the company's functioning license. Prosecutors allege crimes of embezzlement, money laundering, forgery, and abuse of office, Bucharest Police announced.

ASF spokesman Daniel Apostol told Ziarul Financiar that the Authority notified the Public Ministry and other prosecutor's offices, including the Directorate for the Investigation of Crime and Terrorism (DIICOT), since April 2021.

In an interview given to Ziarul Financiar, ASF's director that handled the case, Valentin Ionescu, explained how the frauds took place. Namely, the documents demonstrating in 2017 the funds held by City Insurance in a Swiss bank were copies legalised by a Swiss notary and sent by Swiss mail. The documents were faked, ASF eventually found this year when checking with the Swiss bank.

Neither ASF officials at that time nor the audit company checking insurers' documents found it necessary to check deeper the bank documents since 2017.

In early 2021, the fake bank accounts held by City in the Swiss bank rose to EUR 125 mln.

Similar investigations of ASF last year established that City's reinsurance company was not a company based in the United States (Miami) as declared by the insurance firm, but a subsidiary located offshore. The process of establishing the identity of the reinsurance form was highly time-consuming, Valentin Ionescu explained. 

andrei@romania-insider.com

(Photo source: Andrey Popov/Dreamstime.com)

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