The ex-president of Banca de Economii (BEM) Grigore Gachkevich will continue to stay in custody. The Appeals Court on January 21 rejected the defense’s appeal against the first court’s decision to place the suspect under arrest for 30 days, IPN reports.

Grigore Gachkevich was arrested at the beginning of last December. He is investigated for violating the lending rules while heading the BEM.

According to the National Anticorruption Center, three economic entities were illegally issued with loans to the value of over 260 million lei. A criminal case was started based on the evidence accumulated by prosecutors and anticorruption officers. Gachkevich faces a maximum jail term of seven years.