La Fondation Ion Basgan Challenges Former Romanian Senator; Heirs Cry Foul in Billion Dollar Heist

WASHINGTON, Oct. 21, 2013 /PRNewswire/ -- Dr. Ion Basgan, a Romanian engineer, revolutionized global oil extraction with two patents in the 1930s.  His technology enabled deeper drilling and 30% greater profits for oil companies.  It has led to over $1.2 billion in back-royalties for his heirs.

One of the Doctor's sons, former Romanian Senator Ion Basgan, Jr., is attempting to exert his political influence to claim he is the sole heir to the $1.2 billion in back-royalties.  He ignores the existence of the Doctor's wife, Angela, and two other sons, Sorin-Stephan and Constantin, who are listed as heirs in the Doctor's will.  A court decision on the matter is forthcoming on October 31.

Leading up to the October 31 decision, former UK Ambassador to Romania Richard Ralph issued the following statement:

"From evidence I've viewed, spanning several decades, it appears the Romanian courts may have disregarded key material documents in past rulings, including items such as the deceased Dr. Basgan's own will."

He further stated:  "The outcome of this case could send an important signal to Romania's partners in the EU and elsewhere as to the state of the country's judicial system. It could serve as a litmus test of Romania's commitment to reforming its institutions and practices proving it is in line with modern European principles."

This year, the EU ranked Romania as the second-least independent member state in terms of the judicial system because it is woefully corrupt.  According to Transparency International, a global non-profit organization, 58% of Romanians say their justice system is corrupt or extremely corrupt.  The World Economic Forum released a Global Competitiveness Report that ranks Romania as 94^th in terms of "judicial independence."

Sorin-Stephan Basgan, President of the La Fondation Ion Basgan, which was founded by the late inventor's family heirs in 2002, stated:

"My brother's claims about being the sole heir of my father are untrue and suspicious. My father, Dr. Basgan's will, as well as other evidence that we have produced cannot be rejected or ignored. The implications of this ruling for my father's legacy and Romania's future are significant.  Romania's reputation can either be reinforced or begin to change depending on the outcome."

For more information visit: http://ionbasgan.ch/

SOURCE La Fondation Ion Basgan