Top Romanian Banker Charged With Manipulating Country's Stock Exchange

Horia Ciorcila 713

Romania’s stock exchange has been hit by scandal as top businessman Horia Ciorcila and several others have been charged with manipulating the exchange.

Horia Ciorcila is the chairman of Banca Transilvania. Also implicated are others at the bank, including Claudiu Silaghi, who used to be Banca Transilvania’s vice-chairman, and two bankers from the Bank of Cyprus.

The charges allege insider trading of Banca Transilvania’s shares.

Assets worth €13.5 million have been taken as a result of the government charges.

Horia Ciorcila has denied all charges.

Photo from Ziua de Cluj.

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