Romanian court finds no fraud upon re-judging fugitive real estate tycoon Popoviciu

The Bucharest Court of Appeal (CAB) annulled on July 12 the seven-year prison sentence received in 2017 by fugitive real estate tycoon Gabriel ‘Puiu’ Popoviciu and ordered the acquittal of the businessman for acts of corruption in connection with the association of his company, Băneasa Investments, with the University of Agricultural Sciences and Medicine Veterinarian from Bucharest, for the development of a 224ha plot of land in northern part of Romanian capital city.

The court found no criminal deeds in the case, according to Economica.net. The sentence is not final, however.

In May 2023, the Court of Appeal scrapped the seven-year prison sentence given in 2017 by the High Court (ICCJ) in the case of Popoviciu, currently in the United Kingdon, where he found protection. CAB ruled at that time that the case should be re-judged.

Popoviciu was sentenced in 2017 for allegedly fraudulently appropriating a 224-ha plot of land in northern Bucharest from the University of Agronomy (USAMV), with the participation of the USAMV management.

Under a ruling issued in 2019 and made final in 2020, the 224 ha were taken from Popoviciu’s Baneasa Investments and given to the state, which is entitled to decide on the future use of the land. The state can collect rents and other benefits from existing buildings, which include the Baneasa shopping mall, IKEA store, and the US embassy, and compensate USAMV with another plot of land.

In principle, the re-judging of the criminal case against Popoviciou (related to the seven-year jail sentence) should not impact upon the civil case that resulted in the restitution of the 224ha of land to the state.

(Photo source: Inquam Photos/Octav Ganea)