Romanian Financial Minister Valcov Resigns Following Corruption Accusations

Romanian Financial Minister Darius Valcov has submitted his resignation as announced by Prime Minister Victor Ponta in an interview for a local TV station Sunday.

The statement was made after the Romanian Prosecutor's Office started an investigation against Valcov on charges of corruption.

He was suspected of guaranteeing tenders for a Romanian company in exchange for approximately EUR 2 M, over the course of his mandate as a mayor of the town of Slatina in the period 2011-2013.

"I spoke with Darius Valcov today at lunch and he handed me his resignation," Prime Minister Victor Ponta told Romanian TV channel Antena 3.

Newly-elected Romanian President Klaus Iohannis also commented on the issue, saying that a resignation was the only option for the government to retain its credibility.

Valcov has previously served as a Budget Minister, but this office has now been incorportaed into the Financial Ministry.

Meanwhile, in February Valcov and PM Ponta announced their intention of reducing all major taxes in the period 2016-2019 from 24% to 20%, both deeming the project to be of vital importance. 

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