Dinu Patriciu
Dan Costache (Dinu) Patriciu | |
|---|---|
| Born | Template:Birth date Bucharest, Romania |
| Died | August 19, 2014 (aged 64) |
| Occupation(s) | Entrepreneur, politician |
| Known for | Rompetrol, National Liberal Party (PNL) |
Dan Costache (Dinu) Patriciu (3 August 1950 – 19 August 2014) was a prominent Romanian billionaire entrepreneur and political figure. At the time of his passing, he held the title of Romania's wealthiest individual, with his fortune primarily derived from Rompetrol, the nation's second-largest petroleum company, which he initially acquired from the state before selling a majority share to Kazakhstan's state-owned KazMunayGas.
Throughout his career, Patriciu encountered several legal accusations, including allegations of state fraud, money laundering, and market manipulation. Despite these charges, he effectively defended himself against probes concerning purportedly corrupt privatization processes.
An advocate of right-libertarian ideology, Patriciu maintained a long-standing affiliation with the National Liberal Party (PNL). During the 2009 Romanian presidential election, he released a contentious video featuring President Băsescu, who later successfully pursued a libel lawsuit against him.
Early life
Born in Bucharest to Valeriu Patriciu, a mining engineer and chief geologist at Astra Română oil company, Patriciu completed his studies at the Bucharest Institute of Architecture in 1975. He practiced architecture and served as an instructor at the Institute of Architecture starting in 1978. His portfolio included significant construction projects in Romania and the United Arab Emirates, notably a palace in Abu Dhabi.
Political activity
Patriciu was among the founders of the National Liberal Party in 1990 and secured election to the Chamber of Deputies representing Timiș County that same year. In 1991, he held the position of Minister for Public Works and Territorial Planning.
Following a split from PNL, he joined Partidul Liberal '93 (PL '93) and was re-elected to parliament on the Democratic Convention of Romania ticket for Dâmbovița County. He led parliamentary factions for both PL '93 and Partidul Alianța Civică. In 1996, he ran unsuccessfully for the office of Mayor of Bucharest.
Returning to parliament in 2000 as a representative for Prahova County on the PNL list, Patriciu resigned in June 2003 due to conflicts between his public duties and private business ventures.
Real estate
In 1990, Patriciu established "Alpha," recognized as Romania's first private firm specializing in architecture and construction. The following year, his company began purchasing land in northern Bucharest with plans to build an apartment complex. Although initial opposition came from elderly landowners, agreements were eventually reached; controversy emerged after some original owners died or disappeared under circumstances Patriciu denied any involvement in.
In 2007, he acquired Fabian Romania Property Fund, a British real estate investment entity. By 2012, his enterprise Dinu Patriciu Global Properties held office and commercial properties valued near $1 billion across Germany and Romania, alongside 25 residential developments in the United Arab Emirates. Previously, in 2011, he divested a €110 million portfolio consisting of Swedish real estate along with assets located in Paris and The Hague.
Rompetrol
Patriciu purchased Rompetrol from Romanian state ownership in 1998. The company grew by acquiring Vega Ploiești refinery in 1999 and relocating its headquarters to the Netherlands. In 2000, Rompetrol took over Petros, Romania’s exclusive oil well services firm, renaming it Rompetrol Well Services. The following year saw the acquisition of Petromidia Năvodari refinery for $50 million.
Rompetrol’s €570 million debt owed to the Romanian government was converted into bonds in 2003 and subsequently forgiven by authorities in 2014. In 2007, Patriciu sold a controlling 75% interest in Rompetrol to KazMunayGas for $2.7 billion, substantially increasing his fortune and securing his status as Romania’s richest person.
Other enterprises
In 2006, Patriciu acquired the Adevărul newspaper, subsequently broadening his holding company's assets to encompass titles such as Click!, the Romanian edition of Forbes, OK!, Foreign Policy, the cultural publication Dilema Veche, the women's magazine Tango, and the scientific periodical Știință și Tehnică. He divested Adevărul Holding to Cristian Burci in 2012.
Alongside former Georgian Prime Minister Lado Gurgenidze, Patriciu became a co-owner of Liberty Bank, previously known as "People's Bank."
Patriciu launched a convenience store network called mic.ro, which quickly failed and went bankrupt, accumulating debts exceeding €45 million owed to financial institutions and suppliers. According to data from Coface Romania, this venture was predominantly financed through credit extended by suppliers and banks, with only limited capital investment from shareholders.
Criminal investigation
In May 2006, Patriciu was briefly detained on suspicions including tax evasion, money laundering, and fraud, but he was released within 24 hours after judges decided against prolonging his custody. He alleged that prosecutorial actions were politically motivated, while authorities condemned such interference and stressed the importance of fighting corruption.
The Directorate for the Investigation of Organised Crime and Terrorism (DIICOT) filed seven serious charges against Patriciu: embezzlement, money laundering, conspiracy, market manipulation, disclosure of privileged information, and leading a criminal organization. As CEO of Rompetrol, he faced accusations related to embezzling $85 million owed to the state budget during 1999–2001 under EPSA contracts.
In 2007, President Traian Băsescu accused then-Prime Minister Călin Popescu-Tăriceanu of trying to influence the inquiry into Patriciu. The Prime Minister acknowledged sending a memorandum but maintained it was intended to ensure proper conduct of investigations.
Patriciu and his co-defendants were acquitted in 2012; however, this decision was later reversed on appeal. In 2014, several associates received prison sentences, including PNL Senator Sorin Roșca Stănescu and Alexandru Bucșa, former vice-president of Rompetrol Netherlands.
Although criminal proceedings concluded with Patriciu's passing, related civil lawsuits remain ongoing.
Illness and death
Patriciu was diagnosed with cirrhosis and underwent a liver transplant in Milan in 2012. Subsequently, he was found to have lymphoma.
He passed away on 19 August 2014 at the age of 64 at London's Royal Free Hospital due to complications from a lung infection after being hospitalized for several days. His burial took place at Bucharest's Bellu Cemetery during a private service.