Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Bucharest Bank Arrest




BUCHAREST, Romania -- The former chairman of Romania's national savings bank was arrested on charges of abusing his powers, the prosecutor's office said Wednesday, after a falsely backed investment fund failed, causing thousands to lose their savings.


Hundreds of angry investors from across Romania converged on the capital Wednesday, demanding compensation for their investments lost when the government ordered the National Investment Fund to stop operating in late May. Some 3 trillion lei ($150 million) of investors' money and 290 billion lei ($14 million) from the savings bank was lost.


National savings bank president Camenco Petrovici was arrested late Tuesday after 13 hours of inquiries.