State-owned National Investment Company, shareholder in Dambovita project, to be closed down

The National Investment Company (CNI) will be closed down in order to eliminate any suspicions on its spending public funds, Elena Udrea (in picture), the minister of regional development and tourism has said. The programs CNI had already started will be transferred to the ministry's investments. “The swimming pools and artificial skating rinks investment programs have already been halted, and the sports halls under construction will be finalized. Only works on existing construction sites will be continued through the ministry's investments directions,” said Udrea. CNI was under restructuring anyway. From 150 staff it was supposed to reach 100 staff. “The existing employees can take part in the future competition for jobs in the public system or following the restructuring, they will no longer have jobs in the ministry,” Udrea said. CNI was set up in 2001 as a stock corporation under the authority of the Regional development and Tourism Ministry. Besides the sports halls, swimming pools and cultural buildings revamping, CNI is also involved in the Radio House public- private project, also known as the Dambovita Center. The private partner in the project is real estate developer Plaza Center, which owns 75 percent in the company which runs the project. The Romanian Government, through CNI, owns 15 percent of the shares in the company. The scheme will feature 600,000 sqm of gross built area, which is expected to open between 2013 and 2015, a mixed-use retail, leisure office scheme. The project is still in its incipient construction phase and it is expected to require EUR 1.5 billion in investments in total. CNI is also involved in the expansion and renovation works for the Victoria Palace, the Romanian Government headquarters.