Businessman Sorin Ovidiu Vintu has been sentenced to six years and two months in prison in a final ruling pronounced in the file of Petromservice bankruptcy. The trade unionist Liviu Luca was also sentenced to six years in prison in the same file.
The Bucharest Court of Appeal overruled Vintu’s appeal and maintained the sentences ruled by the Bucharest Tribunal in July 2014.
In the same file, businessman Octavian Turcan, an acquaintance of Vintu was sentenced to 5 years and ten months in prison, however much less than the initial sentence of 9 years in prison.
The damages estimated in this file mount to over EUR 83 million.
Prosecutors say that in 2005 Liviu Luca indirectly became the majority stockholder at Petromservice by purchasing 49.35% of the company’s shares, an acquisition made through Elbahold Ltd company registered in Cyprus, whose real beneficiary was the trade unionist.
This way, he used to control the Petromservice activity, which allowed him to designate close persons in the managing board or in the positions of general manager and financial manager.
Prosecutors also claim that Liviu Luca was helped to manage the company by Sorin Ovidiu Vintu, who financed the takeover of the share package.
In 2007, Petromservice sold the oil services activity for EUR 352 M.
For, in the same period, the company faced more repo actions for the salary arrears, Liviu Luca decided to transfer the company’s liquidities to some companies controlled by Vintu, to avoid that these sums of money getting to the employees or being divided among the minority shareholders.
The investigators also say that Liviu Luca, together with SOV, designed a plan to transfer money from the Petromservice’s bank accounts to the accounts of some off-shore companies controlled by the defendants, under the pretext of stock exchange quotations.