The European Public Prosecutor’s Office (EPPO) in Timisoara (Romania) has submitted six plea agreements with three individuals and three companies to the Timis Tribunal Court, in an investigation into subsidy fraud and forgery involving EU Start-Up grants, with an estimated damage of around €120 000. According to the investigation, between 2018 and 2022, an entrepreneur from Arad, a former vice-mayor of the municipality, managed three companies that benefited from EU-funded Start-Up projects. Together with two other individuals, he submitted false documents to the managing authority in order to obtain or retain the grants. The falsified documentation concerned the completion of the practical training stage required under the projects, the creation and maintenance of two jobs for each beneficiary, and proof of generating at least thirty percent of the revenue corresponding to the first instalment of the grant. The evidence indicates that the companies did not meet these conditions. Nevertheless, the documentation was submitted in their name, allowing them to receive or keep the EU funds. Two associates were involved in managing two of the companies and participated in the submission of the false statements. The three individuals have accepted responsibility for their actions. Under the plea agreements, the main defendant received a custodial sentence of two years, suspended under supervision for a probation period of three years. The two associates received suspended sentences of one year and five months, and one year and six months respectively, each with a probation period of three years. If the three companies are convicted, the court may order the three companies involved a fine of around €3000 (15 000 lei) each and they will be banned from participating in public procurement procedures for a period of three years. The EPPO is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.
Romanians are preparing to spend more this Christmas compared with last year, according to a new Raiffeisen Bank study conducted in partnership with research platform Appinio. The survey showed that 65% of respondents expect higher holiday expenses in 2025, while 26% anticipate spending similar amounts to 2024. Half of those surveyed allocate between 25% and […]
Romania’s Electric Castle was named ‘International Festival of the Year’ at the 20th edition of the UK Festival Awards. The Romanian event triumphed over major international contenders, including Afro Nation (Portugal), Beyond The Valley (Australia), Open’er Festival (Poland), Sziget Festival (Hungary), and Way Out West (Sweden),
President Nicuşor Dan, on December 4, returned to Parliament amendments tightening Romania’s law against extremism, arguing that several provisions are vague and risk enabling abuses, according to a statement released by the Presidency. The Constitutional Court had previously upheld the amendments after the Presidency challenged them, prompting criticism from organisations within the Jewish community. By […]
Fitch Ratings on December 4 affirmed the long-term Issuer Default Rating (IDR) for Romania's largest lender, Banca Transilvania (BVB: TlV), at BBB- with a negative outlook, in line with the country's sovereign rating. The price of the bank's shares rose 1.2% on the day the rating agency announced its decision, bringing the bank's market capitalisation […]
The Romanian authorities will only supervise the operations at Lukoil’s Petrotel refinery and not be involved in its management until a new owner is found, according to an emergency ordinance approved by the government in Bucharest this week, as reported by Hotnews.ro. Russian group Lukoil is seeking buyers for its...
The ‘5 to go’ coffee shop chain announced the signing of a partnership with the national gas station network RO concept OSCAR, owned by businessman Alin Niculae, according to Economica.net. The gas station network has reached 120 strategically distributed stations nationwide, of which more than 90 are franchised under the RO concept...
