VIG: Trouble at Romanian Subsidiary

Professional ServicesInsurance ♦ Published: July 27, 2011; 16:29 ♦ (Vindobona)

The Austrian insurance group has reportedly lost millions due to illegal actions at one of its Romanian subsidiaries. Company representatives denied any misconduct.

VIG: Trouble at Romanian Subsidiary / Picture: © Vienna Insurance Group

According to Romanian and German media reports, Vienna Insurance Group (VIG) lost several million euros in Romania due to misconduct by the former boss of its subsidiary Omniasig. Constantin T. is accused of having lined his own pockets. He has allegedly charged excessive prices to Omniasig for services of own companies.

German “Falter” reported that his actions “must have…