Sorin Ovidiu Vântu
Encyclopedia
Sorin Ovidiu Vântu is a Romanian businessman and owner of the Realitatea-Caţavencu
Realitatea-Catavencu
The Realitatea-Caţavencu trust is a Romanian group of media companies, owned by Sorin-Ovidiu Vântu . It was founded when Vântu bought the Caţavencu media group, who, as they declared, at that time it was unable do develop further by itself...

 media company. In 2008 he was considered the 5th richest man in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...

 with an estimated net worth
Net worth
In business, net worth is the total assets minus total outside liabilities of an individual or a company. For a company, this is called shareholders' preference and may be referred to as book value. Net worth is stated as at a particular year in time...

 between 800 and 850 million euros.

On June 16, 2009, during an TV interview on B1 TV
B1 TV
B1 TV is a Romanian television channel, which started broadcasting on December 14, 2001.-External links:*...

, president Traian Băsescu
Traian Basescu
Traian Băsescu is the current President of Romania. After serving as the mayor of Bucharest from June 2000 until December 2004, he was elected president in the Romanian Presidential Elections of 2004 and inaugurated on December 20, 2004...

 accused Vântu of tax evasion by allegedly not paying 60 million euros worth of Value Added Tax
Value added tax
A value added tax or value-added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its...

. Vântu later denied the accusation, and sued Băsescu for libel, asking for 1 million euros in damages.

Vântu was sentenced to two years in prison in 2005 for using some false documents to gain majority shares in the Investment and Development Bank (BID), which went bankrupt in 2002. Later the Bucharest Court of Appeals ordered by final decision the discontinuation of the trial finding that the charges passed their statute of limitations
Statute of limitations
A statute of limitations is an enactment in a common law legal system that sets the maximum time after an event that legal proceedings based on that event may be initiated...

.

In September 2010 he was briefly arrested, being accused of having helped Nicolae Popa
Nicolae Popa (businessman)
Nicolae Popa is a controversial Romanian businessman. In 2006 he was sentenced in absentia to 15 years in jail for fraud and embezzlement related to the 2000 collapse of the Fondul Naţional de Investiţii ponzi scheme with an estimated prejudice of 1.2 million euros spread between some 130,000...

, the former CEO of FNI.
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