Control body of the PM finds problems at CARE Romania


The government will notify the Prosecutor’s Office over irregularities identified at Compania de Asigurari-Reasigurari Exim Romania (CARE Romania), controlled by the state through the Eximbank company, such as payments made for personal use by the former management – holidays, restaurant dinners, jewels etc. – informs a communique issued by the Control Body of the Prime Minister, posted on the official site of the government, gov.ro.
According to the document, in the time interval subject to verification the executive management of CARE Romania included Radu Frincu as chairman of the Board during 19 May 2010 – 8 July 2013, Constantin Banu as member of the Board during 16 July 2010 – 8 July 2013, Alexandru Neferoiu as member of the Board during 10 November 2011 – 8 July 2013.
Inspectors announce that, although the norms laid out by the Insurance Supervisory Commission rule that the members of the executive management must have higher education, no writs were identified to prove that Radu Frincu graduated the courses of a university.
“According to data made available by pertinent institutions, it was found that Mr. Radu Frincu held the position of chairman of the Board of the Company CARE Romania S.A. although he did not meet the mandatory condition provided by legal norms for occupying the position of member of the Board of an insurance company, i.e. having higher education, because he did not bring proof that he graduated any form of higher education,” reads the control report.
Another problem is that, during 2010-2013, when Radu Frincu was chairman of the Board, the company registered a loss of RON 23.4 M. Nevertheless, during his mandate as chairman, Radu Frincu acquired a Bentley automobile, but did not file any wealth statement, and spent – together with Constantin Banu – RON 831,177 lei and EUR 53,173 from company funds, for his personal interest or for other persons unrelated to the company, cashed in RON 65,895 and EUR 31,663 for holidays with his family at Ibiza, Cannes, Disneyland-Paris and Ischgl – Austria, also covered the cost of 12 dinners which his wife had at restaurants, bought new tires for his car, as well as Louis Vuitton products, Cartier jewels, a Vertu phone manufactured by the luxury division of Nokia, a SmartTV, while also paying a Milan-based company EUR 2,000 for image consulting services, all these expenses being made from company money.
Add to these the expenses for clothes purchased in Milan, taxi fares in London, rental of luxury cars in Saint Tropez and Nice, helicopter transport in Monte Carlo. In his turn, Constantin Banu covered from company coffers a holiday at San Benedetto del Tronto in Italy, Louis Vuitton products and fishing items.
The report of the Control Body was sent to prosecutors, in view of probing the existence of possible criminal acts, and also to the Financial Supervisory Authority, the Court of Audits, the National Integrity Agency, the Ministry of Finance and Eximbank.

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