NEWSDESK

PALMA
THOUSANDS of people from the Transylvanian town of Lugoj in central Romania yesterday attended the funeral ceremony of billionaire Iosif Constantin Dragan.

Dragan, who was 91, died in Palma last week.

Reports in the local media show that in 2006 Dragan had a wealth of around $1.6 billion, making him Romania's wealthiest man.

Dragan was mainly involved in business dealings with oil and gas.
A close friend of former dictator Nicolae Ceausescu, he was a promoter of the Latin origin of Romanian people.

After the end of communism in Romania in 1989, he founded a university in Lugoj and set up several newspapers, including a hardline nationalist weekly magazine.

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