Casa Radio (Radio House) one of the most eagerly anticipated developments on the Bucharest market is close to a fresh start, after the Ministry of Transport, Construction and Tourism (MTCT) started procedures to terminate the contract signed in 2003 that stipulated the building was to turn into a shopping and office complex. "It wasn''t easy for me to find out all the details of this contract. After doing a lot of digging and setting up a verification committee (...), I decided to start procedures to terminate the Dambovita Center contract that was already in the pipeline, with all the construction permits secured," Laszlo Borbely, the delegate minister of public works and land development with the MTCT said on Tuesday. Borbely added that the companies involved had failed to convince in terms of their ability to finance the project. "After verifying the details, I found that one of the companies is now bankrupt, while the other is nowhere to be found. Although the contract was later taken over by another company, it did not manage to convince us it could finance the running of such a contract. It is about a big contract, of more than 130 million dollars," Borbely said. He specified the tender to award the contract would be held in a short while. ZF
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