CFR ex-manager Necolaiciuc sentenced to 6 years and half in prison

CFR (the state railway carrier of Romania) ex-manager Mihai Necolaiciuc was sentenced to four years and six months in prison for European funds embezzlement, in the case related to the EUR 2.7 M fraud case on reconstruction works over 2000 floods. Necolaiciuc has already served a two-year jail sentence, which is due to be deducted from this final ruling.

Prosecutors argue Necolaiciuc and his former financial manager, Viorica Ol?eru concluded a contract with the European Investment Bank (EIB) in 2009 for financing a project tackling rehabilitation works in the flood affected regions in 2000 and in previous years. Instead of using about EUR 2.7 M to that effect, the two CFR managers preferentially gave the money to some 57 companies buying products and services that had nothing to do with the EIB project: media advertising services, IT products, refrigerators, air-conditioning devices, overalls and sacks, carpets, almanacs, notebooks and so on.

Necolaiciuc is prosecuted in other three files. He had fled to US more than 10 years ago, but he was arrested in US in 2009 and extradited back in Romania in 2011.




CFReuropean funds embezzlementmihai necolaiciucprisonsentence
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