Part of the buyers of apartments in Cortina Residence project ofBucharest, the biggest failure of a housing complex domestically,are accusing the project managers of poor management and ofembezzling the funds earmarked for the construction of the Baneasaarea project. The developer went bankrupt with debts of over 25meuros after having built just one three-level basement and thestructure of three storeys of the block due to include 270apartments. The project was set to be developed by Heitman andCefin firms, with 114 apartments having been already sold at themoment construction works were halted. "All the sums spent on thisproject were monitored by an independent project auditor appointedby the banks that funded the project and our partner Heitman.(...)," says Stefano Albarosa, CEO of Cefin. Cefin representativesmaintain works were halted after Heitman fund decided to give updevelopment, at which time Volksbank and Investkredit, the biggestcreditors, suspended funding. The project firm, Cefin Real EstateAlpha, is undergoing bankruptcy procedures and assets should betendered by BDO, the company's legal liquidator, in the followingmonths.
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