Romania: 8 sentenced to prison for $92 mln money laundering

BUCHAREST, Romania – Romania’s Court of Appeal has upheld prison sentences for eight people for money laundering and embezzlement worth 83.5 million euros ($92 million).

Sorin Ovidiu Vantu, who has boasted of deserving a life sentence for all his activities, was sentenced to six years and two months in prison. Trade union leader Liviu Luca was sentenced to six years in prison for misusing the funds of Petromservice, a petroleum-facility maintenance company.

The court on Friday also confirmed sentences for six other former company employees to prison terms.

The court said Luca, financed by Vantu, took control of Petromservice through a Cyprus-registered company in 2005, and siphoned the Romanian company’s funds into other ventures.

The defendants were ordered to pay 36 million euros ($40 million) in damages to Petromservice. The sentences are final.