BRD Pensii under investigation for embezzlement

The former general manager of BRD Pensii Private, the private pension arm of Romanian lender BRD Groupe Societe Generale, is reportedly under investigation for embezzling money from the company – some RON 23.5 mln (EUR 4.75 mln), according to G4Media.ro.

Economic police officers from Bucharest’s District 1 investigation unit and prosecutors carried out 48 raids and took in for questioning 80 suspects and witnesses, on Wednesday morning, June 30. The Bucharest Police said the investigation targets the embezzlement of RON 23.5 mln from the accounts of a private pension fund between 2019 and 2022, without mentioning the name of the company.

On the same day, BRD issued a press statement saying that it had notified the authorities about the irregularities at its private pension management division in May and that it had filed a complaint against the company’s former general manager, who was dismissed.

At the same time, BRD emphasized that the assets of the contributors to the two pension funds managed by BRD Pensii were not affected by this situation, as these assets are held separately from those of the management company.

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