Founder of Antena media group gets 10 years in prison for irregularities in the privatization of the Romanian Food Research Institute

The founder of the Antena media group and Romanian politician Dan V. was sentenced to 10 years in prison, with no parole, for involvement in the privatization of the Romanian Food Research Institute (ICA), the Romanian Insider reported, Aug. 8.

“Dan V., as well as 12 other accused, was found to have undervalued the Romanian Food Research Institute, and sold its assets through the privatization process in the late 1990s – early 2000s  to companies owned by V.,” the local media reported.

The sentence for media mogul Dan V. is double in comparison to the one issued in the previous verdict in September 2013. The latest sentence also includes the confiscation of the headquarters of Antena 3 TV and the Grivco group of companies, owned by Dan V.

The court also ordered Dan V.’s daughters, who are the official owners of the family businesses, to hand over ca. RON 2.9 mln each (around EUR 650,000 in total), in exchange for ICA shares, which both received in the form of a donation from Dan V.

During the proceedings, Dan V.’s bank accounts were frozen and his house together with ca. USD 3.5. mln were also seized by the court.

The former director of the Romanian Food research Institute, Gheorghe M., was also amongst accused in the case. Gheorghe M. was sentenced to eight years imprisonment for, amongst others, having undervalued the company he was heading at the time and for forgery of documents in the ICA privatization process.

The prosecution against Dan V. and the group of people involved in the ICA privatization started in 2008 and relates to offences that took place between 1991 and 2003.