Dinel Staicu, chairman of SIF Oltenia (SIF5) and manager of a400m-euro fortune, including stakes of 6.1% in BCR and 5.5% in BRD,was sentenced by Sector 4 Court to four years in prison, a sentencehe will serve, for defrauding the Banca Internaţională a Religiilor(International Bank of Religions - BIR) of around 5m euros. Staicu,who got the doctor of economics degree with a paper on undergroundeconomy, will also have to pay, together with another two of theformer heads of BIR, a sum of 8m RON (1.9m euros), to whichinterest cumulated in the past 10 years and court expenses of40,000 RON are added. Though the decision is not final, he may losethe position of SIF Oltenia chairman. Staicu sent a release to theStock Exchange announcing he had filed an appeal against thedecision. He could not be contacted for further comment. This isthe first case where the head of a company listed on the StockExchange is sentenced by a court. The news did not hurt SIF Olteniastock, which yesterday gained almost 5%.
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