The Bucharest Court has accepted Tehnologica Radion’s petition to be declared insolvent. The company’s owner has been arrested on suspicion of widescale fraud, with damages thought to exceed €100m. At the end of 2013 the company’s debts were about €86.6m, according to the Ministry of Finance. The company is one of the most important local builders, ending 2013 with turnover of €80.7m and a net profit of €876,000 euros. The company’s owner was taken into custody on August 19 by the Prahova county Court.
