Tariceanu gives evidence in Rompetrol case investigation

PM Calin Popescu Tariceanu yesterday explained to prosecutors, who heard him as a witness in the Rompetrol case, that he had bought shares in Rompetrol Rafinare (Petromidia) relying on information in the media about their performance.

“I explained I made the decision based on the information in the mass-media, which was full of announcements reporting on the market for these shares,” Tariceanu said, adding he was a “loyal ZIARUL FINANCIAR reader.”

The Premier arrived at the Prosecutor”s Office by the High Court of Cassation and Justice at 11.00, with the hearing concluded a little after 12.00. Upon leaving, Tariceanu said he had answered the questions asked by the prosecutors with regard to events that took place long before he was appointed Prime Minister, namely regarding the manner and circumstances in which he came to buy Petromidia shares, early last year. He specified his testimony as a witness was written down in a three-page statement.

Tariceanu pointed out he was not a stock market “player”, he was an investor on the Bucharest Stock Exchange, as he had stock in other listed companies. He could not specify how many Petromidia shares he had had, because there had been several transactions.

Tariceanu explained he was an administrator of the Rompetrol company between 2002-2003, a year before the company was listed on the Bucharest Stock Exchange.

When asked whether, in his opinion, Dinu Patriciu had manipulated the market, the Premier answered he could not say that. “I find it hard to believe that it can be about manipulation, considering we”re talking about the sale and purchase of shares,” he added.

Tariceanu also said that the shares he had in Rompetrol had been sold over the course of time, with the largest stake sold after he was appointed as head of the government, to avoid any assumptions being made about his investment in Rompetrol shares during his term as a Prime Minister.

The trading of the Petromidia shares on the Bucharest Stock Exchange began in April 2004, as the company had previously been listed on the RASDAQ. Rompetrol Bucharest, one of Petromidia”s shareholders, sold large stakes at 116 ROL/share at the opening of the session, a price many brokers deemed as being extremely low.

The price rose to some 700 ROL in a matter of days. A large part of the shares was acquired by a Cyprus-registered company, whose shareholders are unknown. Several hundred other investors also bought stakes at that time. Rompetrol Bucharest later repurchased some of the shares it had sold, but for a higher price.

According to the information on the market, Tariceanu bought at 500 ROL several days after the listing. In December last year when Tariceanu was appointed Prime Minister, the shares were trading for around 1,000 ROL. The last price yesterday stood at 1,120 ROL.

Tariceanu”s hearing was also attended by one of Dinu Patriciu”s lawyers, who complained of several procedural problems in the investigation, such as not being able to ask the Premier some questions.

miruna.lebedencu@zf.ro