More on the former Bricsnet CEO embezzlement

Further to my post about the Jinian wire fraud indictment, I’ve just received an email from Cristina Niculescu, head of Bricsnet’s collaboration tool ProjectCenter in Europe, who “to avoid speculation and hear-say rumours” thought it would be useful to put Bricsnet’s position on the subject and the effects it has had on Bricsnet as a company:

To start with, the effects of the ex-CEO prosecution have been uniformly positive and it is mostly ‘old news’. Fourteen months ago, after discovering financial irregularities, Bricsnet immediately fired its then-CEO and proactively asked the Federal Bureau of Investigation to investigate.

Last week’s arrest was thus the culmination of a discovery process initiated and fully supported by Bricsnet and its Chairman and Board of Directors. During that same period of time, Bricsnet and its investors instituted measures that not only solidified but greatly enhanced its financial clout while the company became an unconsolidated subsidiary of its majority shareholder, a Madrid-based real estate based holding of companies (Torimbia).

Torimbia assumed direct operational control of Bricsnet; and Bricsnet’s executive team and staff were augmented by Torimbia executives. Notably, Bricsnet’s current CEO [Hector Rodriguez], appointed 14 months ago, is a principal of Torimbia, and had been serving uninterruptedly on Bricsnet’s Board for the past seven years, three as Chairman.

Bricsnet’s customers and business partners were duly informed 14 months ago of the investigation and Bricsnet’s pro-active stance. Bricsnet is pleased that this matter is in the hands of the criminal justice system, where it belongs.

For further details you might want to peruse the Company’s press release to this effect.

I’m happy to publish this clarification. I am also hoping to maintain this dialogue with Cristina, perhaps getting a  view on how Bricsnet is thriving in the European market to follow on from the recent perspective given by conject.

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  1. […] in California of former Bricsnet CEO Ethan Farid Jinian on embezzlement charges (see November 2009 post). And it is almost exactly 12 months since the Jinian case was colourfully described in a San […]

  2. […] a handful of times over the past four years – most recently last November (posts here and here). However, following contact then from Cristina Niculescu, head of Bricsnet’s collaboration tool […]

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