Prosecutors with the National Anticorruption Department (DNA) asked the Supreme Court to ban the start of the dissolution and liquidation proceedings of Carpatica Asig as the company is part of a file currently investigated by DNA and the start of the proceedings would lead to a quick dissolution and liquidation of the legal entity, which would no longer face criminal liability.
Late July, Romania’s Financial Supervisory Authority (ASF) asked for the start of bankruptcy proceedings for Carpatica Asig, which was placed under a financial recovery plan in 2014.
The company has initially failed to attract an investor in its shareholding structure by the deadline stipulated by ASF which decided to apply resolution measures at the beginning of 2016.
In June 2016, International Insurance Consortium (IIC Group), headquartered in Amsterdam, announced it withdrew from the process of fully acquiring the shares of Carpatica Asig, arguing it was denied access to important and relevant information regarding the insurer’s situation.
The financial situation of Carpatica Asig, controlled by businessman Ilie Carabulea, worsened after its owner and former general manager were placed under preventive arrest for corruption in January 2014.