Local investor Ioan Neculaie was released from arrest on Friday night and placed under judicial control on bail.

The prosecutors have charged Neculaie with tax evasion, embezzlement, and money laundering. The investigators believe that Neculaie has damaged the state budget by EUR 8.8 million.

The bail amounts to EUR 5 million, and the judicial control will last 60 days. Neculaie will cover the bail’s payment by guaranteeing with shares in the Piatra Mare hotel, located in mountain resort Poiana Brasov.

During the judicial control period, he is not allowed to leave the Brasov county.

He was arrested in January this year.

editor@romania-insider.com