This a 795 million lei (EUR176 million) fraud case, one of the worst investigated so far on the insurance market and even in Romania.
Toncescu and Buzoianu are already under investigation for other insurance fraud cases, such as Carpatica. This is the first time the heads of a financial supervisory institution appointed by the Parliament are being charged for faulty management, that is failure to enforce the law that allowed for Astra to be plundered.
This shows a vote for or against can one day be investigated even if it does not turn out to have served certain interests. Romania not only had insurance bankruptcies, but also major banking bankruptcies.
The indictment of the former CSA heads and of the other members of the board raises questions about how they were appointed to their positions and about their professionalism, something constantly debated by the media due to political influences.
Others indicted in this case besides Toncescu, Balta and Tudor are Dan Adamescu, the former owner of Astra Asigurari, Dan Constantinescu, Daniela Popa, Corneliu Moldoveanu, CSA members, and CSA directors Anabella Ruse, Marinela Nemes and Carmen Ivan.
Astra Asigurari went bankrupt at the end of August last year, after failing to increase the capital by more than RON400 million. At the time of the bankruptcy decision Astra had 1.8 million clients and RON441 million gross written premiums.
(English version by Loredana Fratila-Cristescu)