Gheorghe Ionescu, 53, also known as Bebe Ionescu in top financial and political circles, is currently the government’s representative on the board of directors of the largest Romanian company, Petrom (SNP.RO). Well over twelve years ago, he served as general manager of the State Ownership Fund, the institution managing 70% of the nation’s economy. He had been working for the fund since 1993.
He took part in the cement, insurance and banking privatizations conducted from 1997 through 1999, while the Democratic Convention and the Democratic Party (the current ruling Democratic Liberal Party or PDL) were in power. He then worked for Ioan Niculae, the owner of Interagro, as a manager and later stayed onboard as a consultant.
After PDL became the ruling party (2005-2007 and 2008-), former Economy Minister Adriean Videanu appointed Bebe Ionescu to Petrom’s board as the representative of the ministry, which owns 20% in the company with EUR4 billion sales a year. Videanu and Bebe Ionescu’s wife are shareholders of brokerage firm Equity Invest Bucuresti, along with Raul Doicescu, owner of Bog’Art and Tiberiu Tica Postelnicu, former business partner of Ioan Niculae. While Videanu was economy minister in the Boc Cabinet, Ioan Niculae was allowed to buy cheaper gas from Romgaz to keep his six plants going.
Bebe Ionescu is an extremely low profile person, which is why his attendance of the inauguration of the Timpuri Noi plant was a surprise.
His name has been often mentioned in tabloids over the past year in connection to his son, Bogdan, also known as Syda, who has been repeatedly seen together with Elena Basescu, the youngest daughter of Romania’s president.
Another indirect shareholder of Timpuri Noi is Mihai Oancea, chairman of the Private Pension System Supervisory Commission. Oancea had Democratic Liberal Party’s backing for the position.
Bebe Ionescu gave a short speech at the inauguration of the new Timpuri Noi plant in Jilava, close to Bucharest, before an audience of current and former employees, shareholder representatives, bankers, Economy Ministry and State Assets Resolution Authority officials.
(English version by Loredana Fratila-Cristescu)