Ziarul Financiar cited in the Financial Times on suspension of Aviva directors

22 sep 2010 Autor: Angela Placinta

The suspension of authorisations for the chairman of Aviva Asigurări and for a board member by the supervisory authority, announced by ZF last week, has become a news item for prestigious economic daily Financial Times, given that the parent of the Romanian company is a giant company, the leader of UK 's insurance market. FT writes that the failures uncovered show how difficult it is to do business in emerging Europe.

Two board directors of Aviva group's Romanian subsidiary have been barred from the Romanian insurance industry after the local supervisory authority sanctioned them for a string of accounting and governance failures, writes the Financial Times in its Friday, September 17th issue.
Janos Bartok, chairman of Aviva Asigurări de Viaţă, and Shah Rouf, board member and former chief executive of the unit, were each sanctioned for 34 failures related to discrepancies in accounts filed with the regulator as well as lax risk management and money-laundering safeguards, the daily also writes.
The news was published by ZF last Tuesday and sparked the interest of FT because Aviva is UK's largest insurer as well as one of the world's largest.