Romanian authorities are launching an investigation into possible fraud with the co₂ certificate at Liberty Galati

On November 7, investigators from the Romanian Directorate for the Investigation of Organized Crime and Terrorism (DIICOT) conducted raids on the Liberty Galati steel complex as part of an investigation into alleged large-scale fraud and tax evasion. Following the DIICOT raids, prosecutors launched an investigation into an alleged $300 million fraud involving CO₂ emission certificates linked to Liberty Galati, the country's largest steel producer and part of the Liberty Steel Group. According to preliminary findings, the company is believed to have engaged in transactions between 2019 and 2022 that did not reflect genuine industrial activity, but instead redirected significant financial value to affiliated entities.

According to the documents, the company's executives may have authorized the transfer of $137 million worth of CO₂ certificates to two external firms, one linked to Russia's Gazprom and the other to a steel mill in the Czech Republic, and then bought the certificates at much higher prices. It is estimated that this practice resulted in losses of about $154 million for the company and caused damage to the Romanian state budget. Investigators also note additional losses totaling about $ 57 million, allegedly directed through fictitious contracts for consulting and management services. Of this amount, approximately $17 million was paid for services that were never provided, while approximately $40 million was transferred to a Singaporean organization without any obvious