logo
Romanian deputy PM resigns after bribery case resurfaces

Romanian deputy PM resigns after bribery case resurfaces

The Star18 hours ago
BUCHAREST (Reuters) - Romanian deputy prime minister Dragos Anastasiu resigned on Sunday after an old corruption scandal in which he was involved as a witness resurfaced at a time when the one-month-old coalition government is trying to enforce cost-cutting reforms.
Anastasiu had been tasked by Prime Minister Ilie Bolojan with overseeing the reform of state-owned companies, part of broader efforts to reduce the largest budget deficit in the European Union and root out waste and inefficiency.
Last week, an old corruption case revealed that one of Anastasiu's firms had been blackmailed by a tax authority inspector into paying bribes disguised as consultancy fees for eight years from 2009 or risk lengthy inspections.
The company later denounced the inspector, who was convicted in 2023. Anastasiu and his business partner were never charged with a crime.
Anastasiu said his company had paid all its taxes and the bribes were "for survival, not profit".
"I encourage every entrepreneur to speak out and say under what conditions business has been done in Romania and no longer accept what we did while making mistakes," he told reporters on Sunday.
The government, which will hike several taxes from August and is laying off staff and cutting bonuses, has already faced several street protests but has narrowly avoided a ratings downgrade from the lowest rung of investment grade.
The European Union and NATO state has been rocked by political instability in the wake of a presidential election, which was cancelled in December and re-run in May, with market turmoil boosting borrowing costs and crashing the leu currency.
(Reporting by Luiza Ilie; editing by Giles Elgood)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Malaysia's MMC Port lines up cornerstone investors aiming for October IPO, sources say
Malaysia's MMC Port lines up cornerstone investors aiming for October IPO, sources say

The Star

time7 minutes ago

  • The Star

Malaysia's MMC Port lines up cornerstone investors aiming for October IPO, sources say

SINGAPORE: MMC Port Holdings aims to finalise its cornerstone investor lineup as early as August, ahead of a planned listing on Bursa Malaysia in October that could raise over $1.5 billion, two sources with knowledge of the matter told Reuters. The IPO would be Malaysia's biggest since IHH Healthcare's $2.1 billion debut in 2012, and Southeast Asia's largest since Indonesian tech firm Bukalapak raised $1.5 billion in 2021, according to LSEG data. The country's biggest port operator, a wholly owned unit of conglomerate MMC Corp, is in talks with more than 20 potential cornerstone investors, the sources said. Cornerstone investors are typically large institutional funds that commit to buying shares before an IPO opens to the public. A strong lineup is expected to bolster confidence in the offering and lift sentiment in Malaysia's IPO market, which, according to LSEG, raised $751.2 million in the first half of 2025, up 17.9% from a year earlier. Both domestic and global institutions are involved in the discussions, including BlackRock, UBS Asset Management, Malaysia's largest fund manager Permodalan Nasional Bhd (PNB), and the Employees Provident Fund (EPF), the country's biggest pension fund, the sources said. The sources declined to be named as the information is private and discussions are ongoing. MMC Port and its parent company did not immediately respond to an emailed request for comment on Monday. BlackRock, PNB and EPF also did not immediately respond. UBS declined to comment. Reuters reported in February that MMC Port's IPO could raise more than 6 billion ringgit in the second half of 2025. The company, which operates five ports along the Straits of Malacca, one of the world's busiest shipping lanes, filed a draft prospectus with the Securities Commission Malaysia in late June without specifying the IPO size or timeline. According to the filing, MMC Port posted a 9.2% drop in 2024 net profit to 636.6 million ringgit, despite a nearly 10% rise in revenue to 4.36 billion ringgit. Proceeds from the IPO will go to MMC Corp, which plans to divest up to a 30% stake in its port unit. MMC Port will not receive any funds from the listing. ($1 = 4.2250 ringgit) - Reuters

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store