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Romania To Pay EUR70M Damages To Buyers Of Bucharest Hotel Complex

The Romanian authorities have to pay damages of over EUR70 million to the buyers of Bucharest-based hotel complex Lido, following a court order on retrocession of the buildings, Lido officials said Tuesday.
Romania To Pay EUR70M Damages To Buyers Of Bucharest Hotel Complex
15 apr. 2008, 18:25, English
“Following the final and binding decision of the High Court of Cassation and Justice on the retrocession of buildings Lido Hotel and Lido House, experts with ANEVAR (National Association of Romanian Valuers – e.n.) completed the evaluation of the damages brought to SC Hotel Lido Bucharest SRL. The amount, worth over EUR70,986,528, certified by ANEVAR experts, represents damages the Romanian state is compelled to pay the buyers of Lido complex,” Lido officials said.
 
The High Court of Cassation and Justice compelled through a final and binding decision the privatization authority AVAS, the Ministry of Finance and the Bucharest mayoralty to pay for the damages caused to the buyer in good faith of the complex, namely the company SC Hotel Lido Bucharest SRL, the officials mentioned.
 
The buildings forming the Lido complex have been subject to a protracted litigation between the inheritors of their former owners and the buyer, SC Hotel Lido.
 
The court decided the Romanian state illegally sold the buildings to SC Hotel Lido and ruled the buildings should be returned to their rightful owners.