City Insurance enters pre-bankruptcy proceedings

Georgeta Gheorghe 11/04/2017 | 14:46

City Insurance, with a market share of 9 percent, has entered pre-bankruptcy proceedings. Company owner Dan Odobescu was fined for failing to meet the measures of financial recovery previously agreed. The announcement was made Tuesday by the Financial Supervision Authority (ASF).

ASF also fined Cristian Pascale, member of the company’s Council of Administration. The value of the fines was not disclosed, but will be made public in the Official Gazette.

In March, Misu Negritoiu, president of the Financial Supervision Authority met Swiss investor Max Roessler, who holds a large portfolio of shares in several Swiss companies to discuss City Insurance take over.

ASF announced it will provide its full support to to ease the transaction. City Insurance had agreed to implement measures of financial recovery.

Odobescu was sent to court in 2014 in a corruption case involving ASF-Carpatica, whose license to operate was lifted by ASF in July 2016, under allegations of creating a criminal group and complicity to influence peddling.

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