Sorin Ovidiu Vantu sentenced to two years in prison in the BID case

The Bucharest Court of Sector 1 yesterday sentenced Sorin Ovidiu Vantu to two years in prison and demanded payment of 150,000 RON to cover legal expenses accrued during the case brought against Vantu regarding the formation of the Investments and Development Bank (BID). The Court acquitted Vantu on charges of false statements, but found him guilty on the charge of misrepresentation and sentenced him to two years in prison. The Court also required the annulment of all the documents considered to be false which were used to form BID and which may have legal ramifications. The sentence can be appealed within ten days. The case returned to Bucharest Court of Sector 1 after being discussed since last September in several other courts, including the High Court of Cassation and Justice, as the businessman’s attorneys invoked an exception of unconstitutionality. In the BID case, Sorin Ovidiu Vantu was charged with use of false statements and misrepresentation because, when the bank was set up, it is alleged that Vantu stated that he was personally investing in its share capital rather than declaring his investment was obtained through a loan because he wanted to become the majority shareholder, a move which contravened Law 58/1998 which regulates banking activity.