Two former Volksbank Romania managers, the former CEO Gerald Schreiner and former VP Herwig Burgstaller have lost the lawsuits against the Romanian Central Bank (BNR), which had withdrawn the approval for the two managers to run the bank, Romania-Insider.com has learned.

BNR, which was represented by law firm Zamfirescu Racotzi Predoiu, won both lawsuits earlier this month. Lawsuits against Romania's Central Bank are rare in Romania. “The lawsuits raised multiple and interesting law problems, managed by our team which specializes in banking and financial law,” said Calin-Andrei Zamfirescu, Senior Partner Zamfirescu Racoţi Predoiu. He and Laura Retegan handled the two projects.

The former Volksbank CEO and VP will have to pay around EUR 6,100 each in trial expenses. They started the lawsuit against BNR in September 2010, hoping to annul the decisions issued by the Central Bank.

Volksbank Romania announced Schreiner and Burgstaller's leave in March 2010. In Romania, the Central Bank has to approve the management of banks active on the local market.

editor@romania-insider.com