Locic Residential, controlled by businessman Marius Locic, underinvestigation in a corruption case alongside C`t`lin Voicu, CostelC`[uneanu and Florin Costiniu, went insolvent at the beginning ofthis week, after the company itself filed an insolvency claim withthe Bucharest Court of Law.
The company had taken out a loan worth over EUR10 million in 2008from Volksbank Romania, guaranteed with three plots of landcovering a cumulated area of over 3,500 square meters on IntrareaChefalului street in northern Bucharest, on the shore of Lacul Teilake, where Locic had been planning to erect an apartment building,according to information from The Electronic Archive for SecuredTransactions.
The real estate market plummeted and the project was frozen, and inaddition Marius Locic has been investigated by the NationalAnti-corruption Department (DNA) in the last two years, beingcharged with influence peddling, forgery of documents, andcorruption.
According to information published in the press, Marius Locic,known as a business partner of George Becali, also has part of hisassets frozen.
Locic was planning to link the nine-floor building he intended tobuild on Intrarea Chefalului with Barbu V`c`rescu street by abridge over Lacul Tei lake, that would pass by the Caro hotel.Locic's property is currently just a weed-covered land, from thesale of which Volksbank should recoup several million euros if thecompany is declared bankrupt on a land market still partly frozenat present.
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