Horia Ciorcila, chairman of Banca Transilvania (TLV) and one ofthe most influential businesspeople in the western part of Romaniahas been officially charged by the prosecutors of the Departmentfor Investigation of Organised Crime and Terrorism (DIICOT) forhaving manipulated the capital market and for having used insiderinformation in transactions with TLV shares conducted on the StockExchange.
The case, which was publicly revealed yesterday morning, cameout as a surprise, considering Ciorcila's position and the respecthe enjoys in the business world, after having created a number ofcompanies over the last twenty years.
Also charged were Claudiu Silaghi, former vice-chairman of BancaTransilvania's Board of Directors, his wife and his mother in law,two bankers of the local division of the Bank of Cyprus and twobrokers from BT Securities and IFB Finest, who had allegedlybrokered the transactions. DIICOT also seized some of their assets,worth about 13.5 million euros.
"I consider this to be a completely unfounded accusation, I didnothing illegal, nothing that would go against the legislation inthis field and I will use all the legal means available to proveit. I am convinced the final results of this legal course of actionwill prove me right," said Horia Ciorcila who has been discretelyrunning Banca Transilvania for 15 years.
DIICOT started its investigation after in December 2009 Bank ofCyprus announced it had taken over 9.7% in Banca Transilvania,although none of the significant shareholders of the bank, exceptSilaghi had reported selling any shares. The National SecuritiesCommission (CNVM) helped with the investigation, providing data onthe transactions conducted by the people targeted to theinvestigators. CNVM yesterday replied saying one might talk aboutinsider trading in TLV's case but not about capital marketmanipulation.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
