Dan Adamescu

Dan Grigore Adamescu
Born	Template:Birth date Vaideeni, Vâlcea County, Romania
Died	January 24, 2017(2017-01-24) (aged 68)
Occupation(s)	Entrepreneur, businessman
Known for	Founder of Nova Group; second wealthiest Romanian in 2013

Dan Grigore Adamescu (20 September 1948 – 24 January 2017) was a prominent Romanian entrepreneur, recognized as the founder of the Nova Group and ranked as Romania's second wealthiest individual in 2013. In 2016, he received a prison sentence of four years and four months for bribing judges during insolvency procedures involving his businesses.

Career

Originating from Vaideeni, Vâlcea County, Adamescu embarked on his professional journey in 1971 following his graduation from the Bucharest Academy of Economic Studies. Holding dual Romanian and German citizenships, he spent eleven years working in Germany before returning to Romania in 1989. He amassed his fortune during the early 1990s, a period marked by Romania’s shift from a communist regime to a capitalist economy. Adamescu was known for his outspoken criticism of the Romanian Government’s anti-corruption initiatives.

According to Forbes in 2013, his net worth was estimated at US$900 million, placing him just behind Ioan Niculae as the second-richest person in Romania. He was the principal shareholder of The Nova Group, which managed assets such as the newspaper România Liberă, Astra Insurance, the football club ASC Oțelul Galați, and the Unirea Shopping Center. Forbes Romania valued his fortune at €550 million in 2015. In October 2016, his son Alexander publicly refuted claims connecting Dan Adamescu to the intelligence agency Black Cube.

Arrest and trial

Adamescu’s company Astra Insurance declared bankruptcy in 2013; his family attributed this failure to actions by the Romanian state. Allegations surfaced during the bankruptcy proceedings that Adamescu had paid bribes totaling €20,000 to judges. In May 2014, then-Prime Minister Victor Ponta anticipated Adamescu’s impending arrest on corruption charges, which occurred shortly thereafter. That same year saw the arrest of one judge involved in the case, while Adamescu’s legal counsel reportedly took their own life. In March 2016, charges were brought against Adamescu for inflicting $191 million in damages on Astra Insurance. By May 2016, he had been convicted and sentenced to over four years in prison for corruption offenses.

Illness and death

A local court denied Adamescu’s parole request in November 2016, citing concerns over his health condition. Following knee surgery in December, he developed severe infections and was placed into an induced coma due to sepsis complications. Dan Adamescu passed away on 24 January 2017 and was interred within the Lutheran section of Bellu Cemetery.

Family

Adamescu was married to Carmen Palade, who served for many years as general manager of the Unirea Shopping Center. In October 2016, Palade initiated legal action against him over ownership rights of the Unirea Shopping Center. By October 2018, Romanian authorities detained her on allegations including embezzlement and tax evasion. Palade had contested control over the Nova Group alongside her husband and stepson Alexander Adamescu; she was removed from her leadership role at Nova in 2017, with Alexander assuming control following Dan Adamescu’s death.

Alexander Adamescu, who held a director position within his father’s enterprises, faced accusations from Romania's National Anticorruption Directorate (DNA) for involvement in bribery activities. In May 2016, Romanian courts issued arrest warrants for him that were subsequently transformed into a European Arrest Warrant. British police arrested him in June 2016; he expressed concerns about facing a fate similar to his father’s if extradited.

On 29 March 2017, the International Centre for Settlement of Investment Disputes tribunal advised Romania to suspend Alexander Adamescu’s European Arrest Warrant and refrain from issuing additional warrants. Romania's attempt to have this recommendation reconsidered was denied in April 2017, thereby upholding the tribunal’s decision.