Court decides against the Romanian state in Bucharest factory privatization

The pump manufacturer Aversa Bucuresti will stay in the property of Canadian real estate investor Michael Topolinski, the Court of Appeal has decided after an appeal by the former owner, the state authority for managing state assets. Topolinski, who bought Aversa last year for EUR 1.8 million under a privatization process, will also continue to own the 10-hectare plot near the factory in the Obor area of Bucharest, where he wants to start real estate developments. The Canadian owner, who bought the factory after 15 failed privatization sessions, will relocate the factory elsewhere and use the landplot in Bucharest for a real estate project. But Topolinski has to continue producing pumps and employ 200 staff for at least three years, or else the privatization will be canceled. Romanian pump manufacturer Aversa to invest EUR 15 mln in relocating factory from Bucharest’s Obor area editor@romania-insider.com