WASHINGTON, Dec. 17, 2013 /PRNewswire/ -- The Court of Appeals of Bucharest, on Thursday, December 12, delayed for a week the final decision on the Dr. Basgan inheritance dispute. Dr. Ion Basgan was a Romanian engineer whose patents in the 1930s revolutionized global oil drilling. The value of the unawarded back-royalties on these patents is estimated in the billions of dollars. The Romanian oil company, Petrom SA, has already agreed in theory to pay Basgan's heirs $1.2 billion in back royalties, covering 1945-1989.
Sorin-Stephan Basgan, President of La Fondation Ion Basgan stated, "We are encouraged by the recent court delay, which confirms there will be no rush to judgment. I ask my brother to refrain from his tired political tactics and to sit down with us to resolve this matter as he has offered in the press but not to us. The sooner he accepts my father's will, the sooner Romania will be able to move forward."
This postponement comes after an earlier delay in October, following several earlier and highly suspect court decisions, that had disregarded the rights of three of Dr. Basgan's heirs: his sons, Sorin-Stephan and Constantin, and his widowed wife, Angela. Their claims were dismissed in sole favor of another son, former Romanian Senator Ion Basgan Jr., despite the existence of Dr. Basgan's will, which names all four as heirs.
These delays suggest that the Romanian court may be prepared to accept the legitimate will and comes on the heels of increased scrutiny of this case in Washington and Brussels. This also comes in the context of the European Union's latest denouncements of Romania's corrupt justice system and similar concerns raised by US Vice President Biden.
Foreign observers, including the United Kingdom's former ambassador to Romania, Richard Ralph, have suggested this case "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."
Powell Moore, a former U.S. representative to the Organization for Security and Cooperation in Europe, echoed this sentiment, stating, "This landmark case now in the Romanian court will demonstrate to the international community the country's commitment to judicial integrity."
For more information visit: http://ionbasgan.ch/
SOURCE La Fondation Ion Basgan