Raiffeisen Bank could appeal the recent court decision to confiscate assets, land plots and buildings belonging to Media Mogul Dan Voiculescu, who is currently serving 10 years in jail. The bank has a mortgage on several assets on account for EUR 40 million loans, according to Hotnews.ro.

When sending Voiculescu and others to jail for the irregularities in the privatization of the State Food Institute, the court also decided a EUR 60 million damage was caused, and called for the confiscation of several assets, including the buildings where the Antena media group is headquartered, and where the Grivco group is located.

However, these assets were mortgaged by Raiffeisen Bank. The court decided the assets become state patrimony, free from any charges, which would cancel Raiffeisen’s mortgage rights. The bank is currently in talks with lawyers, according to market sources.

Romanian media mogul gets 10 years in jail, no parole, for Food Research Institute privatization

editor@romania-insider.com