The case of Roşia Montană: Accusations of stock market manipulation

The president of USR, Cătălin Drula, announced that the Save Romania Union is notifying DNA and the Canadian authorities "for the manipulation of the stock market" by Prime Minister Marcel Ciolacu through his statements and demands his resignation.

In reply, the prime minister stated that those who launch such accusations left the country with debts of 200 billion lei and that the problem is elsewhere, it is already a pathology.

On Saturday morning, Cătălin Drula sent an official notification to the Ontario Securities Commission, the institution that oversees stock exchange transactions in Canada, "to investigate a possible manipulation" of Gold Corporation's shares, informs USR. "We will file a criminal complaint with the DNA. For the manipulation of the capital market and the undermining of the national economy, we told you that we will also notify the regulator of the capital market in Ontario, in Canada, where Gabriel Resources, the company behind the Roşia Montană project, is listed. because the manipulation of the capital market means that some people's money is stolen based on false statements," says the leader of the Save Romania Union, quoted by Agerpres.

• The price of Gabriel Resources' shares increased by 93% since the beginning of February, on high volumes.

According to USR (Save Romania Union), Catalin Drula warned since February 1st that "the irresponsible statements" of Prime Minister Marcel Ciolacu and ministers "only serve to enrich their smart boys on the stock exchange." The price of Gabriel Resources' shares increased throughout February, fueled by statements and accusations made by PSD (Social Democratic Party) and PNL (National Liberal Party), who announced the loss of the trial and payment of $6 billion in damages, the source mentions. "In practice, based on Marcel Ciolacu's, Marcel Bolos's, and their party colleagues' irresponsible statements, the value of the shares doubled in a single month. The Canadian company now has a market capitalization of over 800 million Canadian dollars, which represents more than 600 million dollars. Almost exclusively based on disputes in Romania, shareholders have gained over 300 million dollars," USR states. Catalin Drula stated: "Romania wins the Rosia Montana trial. There are no damages to pay. Ciolacu, Bolos, PSD/PNL together with TV stations pumping hundreds of millions have hysterized Romania for weeks with a toxic campaign against USR. Was it a campaign for the PSD (Social Democratic Party) fat cats to make money on the stock exchange? Did they harm Romania by talking about billions in damages as if we had already lost? (...) We have officially filed a complaint with the Canadian Market Regulation Agency. Marcel Ciolacu must resign! Marcel Ciolacu manipulated the capital market with his statements. We will even file a complaint with the DNA (National Anticorruption Directorate). In short: if on January 31, 2024, the value of a Gabriel Resources share was $0.45, on March 7, one day before the verdict, they reached $0.87. Shares doubled immediately after Marcel Ciolacu's statements about the imminent loss of the Rosia Montana trial. It was coordinated theft by Romania's prime minister himself, an artificial and controlled increase in shares. A handful of smart boys gained from manipulating the stock exchange. We need to find out their names. We have informed the Canadian authorities, but an investigation by the DNA, ASF (Financial Supervisory Authority), and ANI (National Integrity Agency) is also needed."

The price of Gabriel Resources' shares on the Toronto Stock Exchange increased from 0.45 Canadian dollars on January 31 to 0.87 dollars on March 7, equivalent to an appreciation of 93%, on high volumes, as seen on the chart. Last Friday, the shares were suspended from trading.

• Piperea: "DNA and DIICOT need to see if those politicians who told us on TV that we must lose this trial are stockholders"

Lawyer Gheorghe Piperea says that DNA and DIICOT must investigate if the politicians who publicly argued that our country must lose the trial, own Gabriel Resources shares.

"In capital market legislation, there is a crime called misdemeanor or market manipulation, for which there is imprisonment. In America it is called insider trading. I say this because Gabriel Resources, which owns Roşia Montană Gold Corporation, is a company listed on the Toronto Stock Exchange where there has been huge speculation. There is at least one Romanian brokerage firm based in Cluj that only has less than a million shares in this company and that of course has now lost a lot. Brokers in the capital market hold shares in their own name, but they also hold shares for some clients whom they anonymize in this way. DNA and DIICOT need to see if those politicians who told us on TV that we must lose this trial are stockholders, and if the propaganda that was made on TV takes on forms of corruption and organized crime," he says Gheorghe Piperea.

• Dacian Cioloş: "Ciolacu inflated Gold Corporation shares"

Former Prime Minister Dacian Cioloş also believes that, through the alarmist statements made in the last month, the current head of the Government, Marcel Ciolacu, inflated the shares of Gold Corporation and Gabriel Resources. Dacian Cioloş stated on Saturday: "For several weeks, the Prime Minister of the Romanian Government, Marcel Ciolacu, has been spreading false news about imagined compensations and has accused me along with all the Social Democrats for including Roşia Montană in UNESCO. Yesterday (Friday), Romania triumphed in a trial that was not only about gold but about the soul and heart of our country. PSD (Social Democratic Party) wanted to sell our history, heritage, nature. PSD opposed the protection of Roşia Montană through UNESCO. PSD wanted to give the gold to a foreign company, to be exploited with cyanides, despite all national and European laws. A blatant robbery, masked under patriotic slogans! Ciolacu seriously undermined the defense of the Romanian state and inflated Gold Corporation shares. Ciolacu announced a referendum to decide on cyanide exploitation in Roşia Montană. (...) Roşia Montană remains in the UNESCO World Heritage, and the Romanian state does not pay any compensation. I hope that those who have accused me in recent years understand that national heritage with global value is not for sale, and it is our duty to protect it honestly, until the end. Prime Minister Ciolacu will have to explain in the coming days why he made alarming statements, announcing Romania's imminent loss in the trial, which led to the increase in Gabriel Resources company's shares on the Stock Exchange? Whose interest were these irresponsible statements made for? Because they certainly weren't in the interest of Romania and our dignity!"

• Ciolacu: "Those with the accusations think they have a problem elsewhere, they are already talking about pathology"

Prime Minister Marcel Ciolacu stated that he cannot respond to those who accuse him of manipulating the stock market through his statements in relation to the case related to Roşia Montană, adding that he "does not play on the stock market".

Marcel Ciolacu said, on Saturday, according to News.ro: "Those with the accusations, who left debts of 200 billion that we all pay, I can only answer them that I think they have a problem elsewhere, they are already talking of pathology. So on a historic day for Romania where the lawyers hired by the Romanian Government managed to turn around a nearly lost case, I should answer the accusations of why I don't leave Romania with debts? To those who incurred debts of 200 billion Romanians? It seems to me that maybe we don't live in the same world! What stock exchange?".