Romanian businessman Nelu Iordache, nicknamed the Asphalt King, who is being investigated for allegedly embezzling EUR 5.5 million for the Nadlac – Arad highway, will remain in prison, the court recently decided. Iordache was first incarcerated at the beginning of December and the court extended his prison time by 30 days at the end of the month.

This came after after the Romanian National Company of Motorways and National Roads (CNADNR) served two termination notices to Romstrade, the company owned by Nelu Iordache, suddenly striking off the contractor’s expected revenue list almost EUR 54 million in road modernization and construction work.

Nelu Iordache, nicknamed the King of Asphalt, is one of Romania's richest, ranking 28th in the Forbes rich list, with an estimated wealth of some EUR 150 million.

Iordache's lawyers claim the funds in question were taken in June 2011, and the request to reimburse EU funding by the European Commission was only made in October 2011. Political commentators suggest there could also be some political ties to it.

Romanian company Romstrade ended 2011 with a profit of EUR 2.6 million, which was much lower than the EUR 31 million in 2009.

editor@romania-insider.com

(photo source: sxc.hu)