Green City, as residential complex in the town of 1 Decembrie, south of Bucharest, has been put on the market for an estimated €20m by a judicial administrator. The project’s main creditor, CEC Bank, is hoping to recover two-thirds of its €30m loan.
The complex was developed by Green City Construct, controlled by Dumitru Bucsaru, who is suspected of fraudulent bankruptcy. Investigators claim that after Green City Construct filed for bankruptcy, Bucsaru alienated assets and presented false accounting records.
