Grigore Dan Adamescu

Dan Grigore Adamescu was born on 20 September 1948 in Vaideeni, Vâlcea County, Romania. He graduated from the Bucharest Academy of Economic Studies in 1971 and began his career at a state-owned consignment store. In 1978, he was diagnosed with a pituitary tumor that was inoperable in Romania, prompting him to travel to West Germany for treatment. He successfully left the country and settled in Berlin.

Building a German Empire

In Germany, Adamescu built a business from scratch, becoming the exclusive distributor for JVC, Seiko, and Panasonic in Central and Eastern Europe. By 1989, his company had 40 branches, annual sales of 60 million German marks, and net profits of 12 million marks.

Return to Romania

After the 1989 Romanian Revolution, Adamescu returned to Romania. He imported 20,000 televisions, which led to the creation of MegaVision, a retail chain that captured 14% of the domestic market within a year. Over the following decades, he assembled a conglomerate known as the Nova Group, with holdings including:

• Media: România Liberă newspaper
• Insurance: Astra Insurance
• Real Estate: Unirea Shopping Center, City Business Center, Modern Business Center
• Hotels: Hotel Rex, InterContinental Bucharest, Pullman Bucharest
• Retail: MegaVision, Flamingo
• Construction: Baumeister, Mega Construct

By 2013, Forbes estimated his net worth at $900 million, making him the second richest Romanian. In 2015, Forbes Romania estimated €550 million.

In 2013, Astra Insurance went bankrupt amid allegations of mismanagement. During the insolvency proceedings, Adamescu was accused of bribing judges with €20,000. He was arrested in June 2014 and subsequently sentenced to four years and four months in prison in May 2016. His health deteriorated while incarcerated; he underwent knee surgery in November 2016 and developed septic infections. He was placed in an induced coma and died on 24 January 2017 at a private hospital in Bucharest, still under guard. He was buried in Bellu Cemetery.

Despite his business focus, Adamescu was a devoted poker enthusiast. He regularly participated in tournaments at major European casinos and often reserved private poker tables in Romanian casinos. He frequently stated that poker was purely a pastime and that he never aimed to profit from the game.

Adamescu married Carmen Palade, who managed the Unirea Shopping Center. The couple had two children: Rani (adopted) and Alexander. After his arrest, he divorced Carmen. Alexander Adamescu later took over the Nova Group following his father's death and faced extradition efforts by Romanian authorities in connection with the bribery case.