There is information about the Romanians who hid their wealth in tax havens. The Panama Papers scandal features the names of Romanians like: Frank Timiş, Ion Sturza or Iacubov Cornelius.
The Panama Papers belong to one of the strongest companies in the world of law, Mossack Fonseca in Panama. The company is one of the greatest creators of front companies and off-shore structures to hide the true beneficiaries and their property.
The documents covered by these revelations - which were analyzed by over 370 journalists from 78 countries - belong to Mossack Fonseca, a powerful law firm of legal services, headquartered in Panama with subsidiaries in over 35 countries. According to the Rise Project site, over a hundred Romanians hid their wealth in tax havens.
A first name that stands out is that of Romanian billionaire Frank Timis, who would be behind the ownership structure of Rafo refinery. The business initiator of the Rosia Montana business used a company founded in Bahamas by lawyers Mossack Fonseca, to start a business in Romania in 1997.
The papers also feature the name of Iacobov Cornelius, sentenced to seven years imprisonment in the case of prejudicing the refinery.
Another name on the list with hidden accounts is businessmen Benjamin Steinmetz. With a fortune of over two billion dollars, he is considered the richest man in Israel, and he raised his fortune helped by Romanians.
The National Journal writes Tuesday that a Romanian lawyer has worked with the famous law firm Mossack Fonseca. Ernest-Virgil Popovici is a highly influential practitioner involved in market privatization, investment, real estate developments and IT was one of the toughest clients of the law firm Mossak Fonseka. The company is one of the biggest creators of front companies and offshore structures that hide the true beneficiaries and their property.
WHO ARE THE ROMANIANS IN THE PANAMA PAPERS
Frank Timiş
- initiator of the Roşia Montană business
- involved in scandals such as the Matser-Tender business, the PETROM privatization, the RAFO-VGBdeal and the Regal Petroleum deal
- he was declared the richest Romanian in 2011, with a wealth estimated at over 1 billion euro
- he had several deals in the mining business Sierra Leone and Burkina Faso
Ion Sturza
- former prime minister of the Republic of Moldova
- in 2002, together with the Rompetrol group, he set up the Rompetrol Moldova company
- in 2009, he set up the Fribourg Capital Investment Fund
- he had an estimate wealth of 90-95 million euros
Corneliu Iacubov
- ex politician and businessman
- finally sentenced to serve seven years in prison in the bankruptcy case of the Rafo Oneşti refinery