No Harvard Fund Manager Detained in Romania on Corruption Charges with a Forest Connection
A former Harvard University endowment fund manager is detained in Romania over alleged corruption in forests connection of all things. Prosecutors say he participated in a scheme to rig land restitution deals worth tens of millions of dollars.
Fully Owned by Harvard
Scolopax SRL is fully owned by Harvard University and directly controlled by Harvard-owned holding company Phemus Corporation. According to Romanian news sources, Scolopax is the largest private owner of forests in Romania, with over 35,000 hectares of land.
Authorities arrested Remus Truică, who once worked as a high-ranking aide to Romania’s former prime minister. He also served as a manager for Harvard’s Romanian real estate investments. According to investigators, Truică and his associates used bribery and influence to obtain valuable forest and farmland illegally returned under Romania’s restitution program.
Managing director of Scolopax accused of accepting bribes
Moreover, Romanian anti-corruption prosecutors allege the group falsified paperwork and paid off officials to secure prime land. Reports estimate the land’s value at over $120 million. As a result, Truică and other suspects face charges of bribery, money laundering, and organized crime.
Meanwhile, Harvard’s endowment fund has distanced itself from the case. A spokesperson emphasized that the university had ended its business ties with Truică years earlier. In fact, they stated Harvard had no role in the alleged wrongdoing.
No Accounting
“Harvard currently has no verifiable system of oversight or accountability for the practices of its fully-owned companies,” said Aryt Alasti from the Responsible Investment at Harvard Coalition. “We are demanding that Harvard adopt a Position of Responsible Ownership that works to maintain legal compliance, fair environmental and labor practices, respect for land rights and non-discrimination policies, and transparency in corporate governance.”
Overall, the investigation highlights Romania’s ongoing struggle with corruption. The country has faced international pressure to strengthen its anti-graft efforts, especially as a European Union member. Therefore, this high-profile case serves as a test of Romania’s commitment to justice and transparency.
FOR IMMEDIATE RELEASE: January 24, 2013
Image information: Yellow and green spring forests along curvy hills enclosing the village. Snow covered Fagaras mountains are in the background with dark clouds and an overcast white sky above them.; Date 29 April 2008, 10:31; Source: Glowing spring forests in front of mountains; Author: Horia Varlan from Bucharest, Romania
Source: The Responsible Investment at Harvard Coalition
