Dan Adamescu

Dan Adamescu
Born Dan Grigore Adamescu
(1948-09-20)20 September 1948
Died 24 January 2017(2017-01-24) (aged 68)
Nationality Romanian, German
Occupation Businessman

Dan Grigore Adamescu (20 September 1948 – 24 January 2017) was a Romanian businessman who was the founder of The Nova Group, and was the second richest Romanian in 2013. In 2016, he was sentenced to four years and four months in jail for bribing judges at his companies' insolvency trials. Adamescu was of Jewish origin, and held Romanian and German citizenships.[1]

Career

The Unirea Shopping Center, which was owned by Adamescu.

Born in Vaideeni, Vâlcea County, Adamescu entered business in 1971, after graduating from the Bucharest Academy of Economic Studies.[2] He spent eleven years working in Germany, and returned to Romania in 1989. He made his wealth in the early 1990s, when Romania was moving from communism to capitalism.[3][4] Adamescu was critical of the Romanian Government's anti-corruption policies.[5]

In 2013, Forbes estimated Adamescu's net worth at $900 million, making him the second richest Romanian, after Ioan Niculae. At the time, he was the majority shareholder of The Nova Group, which owned companies including România Liberă, Astra Insurance, ASC Oțelul Galați, and the Unirea Shopping Center.[6] In 2015, Forbes Romania estimated his net worth to be €550 million.[3] In October 2016, Alexander Adamescu, Dan's son, denied that his father had affiliations with Black Cube. HotNews.ro had claimed Adamescu was a client of Black Cube.[1][7] In the same month, Ademescu's ex-wife attempted to sue him for ownership of the Unirea Shopping Center.[8]

Arrest and trial

In 2013, Adamescu's company Astra Insurance went bankrupt; his family blamed the Romanian state for causing the bankruptcy.[3] During the bankruptcy trial, Adamescu was alleged to have bribed judges €20,000.[9][10][11] In May 2014, Victor Ponta predicted that Adamescu would be arrested for corruption. Adamescu was arrested a few weeks afterwards.[12] In the same year, one of the judges was arrested, after which Adamescu's lawyer allegedly committed suicide by throwing himself under a train.[9][10] In March 2016, Adamescu was charged with causing $191 million of damages to Astra Insurance.[4] In May 2016, he was sentenced to four years and four months in jail for corruption.[5][3][9][4][10]

Illness and death

In November 2016, Adamescu's parole request, based on ill health, was rejected by a local court.[3][5] In December, he had knee surgery, after which he developed infections.[3] He was in an induced coma from December 2016 until his death on 24 January 2017, and had been suffering from septicemia.[4][5] Adamescu was buried in the Lutheran section of Bellu Cemetery.[13]

References

  1. 1 2 Black, Eldad (6 January 2017). "The new Communists: Romania is moving backwards". European Jewish Press. Retrieved 27 January 2017.
  2. Pârvu, Mihnea (24 January 2017). "Dan Grigore Adamescu. Biografia neromanțată a unui mogul de presă". Evenimentul Zilei. Retrieved 29 January 2017.
  3. 1 2 3 4 5 6 "Romanian millionaire Dan Adamescu gets jail sentence for bribery". Business Review. 27 May 2016. Retrieved 27 January 2016.
  4. 1 2 3 4 "Dan Adamescu, Romanian millionaire convicted of bribery". Associated Press. 24 January 2017. Retrieved 27 January 2017.
  5. 1 2 3 4 Macgrath, Stephen (25 January 2017). "Jailed Romanian Businessman Dies As Anti-Corruption Fight In Spotlight". Forbes. Retrieved 27 January 2017.
  6. Savastru, Marian (15 November 2013). "Otelul are al doilea cel mai bogat patron din liga i adamescu e pe locul doi in top forbes si capital". Viața Liberă (in Romanian). Retrieved 27 January 2017.
  7. "Dan Adamescu’s family rejects any involvement in Black Cube – DNA’s Kovesi case". Business Review. 4 October 2016. Retrieved 27 January 2017.
  8. "Romanian multi-millionaire fights ex-wife over control of landmark shopping center in Bucharest". Romanian Insider. 11 October 2016. Retrieved 28 January 2017.
  9. 1 2 3 "Dan Adamescu, Romania's businessman serving prison, has died". The Gulf Today. 24 January 2017. Retrieved 27 January 2017.
  10. 1 2 3 "Home » News » Romanian millionaire Dan Adamescu gets jail sentence for bribery Romanian millionaire Dan Adamescu gets jail sentence for bribery". Business Review. 27 May 2016. Retrieved 27 January 2017.
  11. Chiriak, Marian (3 February 2015). "Romania Jails Four Judges and Mogul for Corruption". Balkan Insight. Retrieved 27 January 2017.
  12. Clark, David (10 January 2017). "Romania's corruption fight is a smokescreen to weaken its democracy". The Guardian. Retrieved 27 January 2017.
  13. "Soția lui Dan Adamescu rupe tăcerea". B1 TV. 25 January 2017. Retrieved 29 January 2017.
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