Prisma Town Will Turn Into an IT Industrial Park

The commercial venue previously known as Prisma Town, for which its owner could not return a credit to the Romanian Bank for Development - Societee Generale, will be transferred into the property of the Ministry of Communications with a view towards changing it into an IT investment park.
The Agency for Recuperating the Debts to The State will take over the 8.8 million dollars credit which could not be paid to the RBD-SG. The bankruptcy procedure for Prisma Town was initiated on a request from RBD-SG, when the bank realized that only some 709,000 dollars of the credit were paid back, and that the last payment was in January 2003.
According to the bankruptcy procedure the Agency may either convert the unpaid credit into shares or to sell the properties placed as collaterals. The shares thus resulted may be transferred into the property of the Ministry of Communication and IT for building an industrial park in which the ministry will invest along private entrepreneurs.
If the collaterals will be acquired by the Agency, they too will be transferred to the Ministry of Communication.

The biggest shareholder at Prisma Town is Cristian Tantareanu, with 30% of the shares.
The commercial center was very much in till 1995, when big international chain-stores started to invest in Romania. In the early ‘90s Tantareanu bought hundreds of hectares of land at Corbeanca village, near Bucharest, where he started to develop a residential area know as the Green Paradise. The development plan was for 1,000 villas to be erected on the site, at 100,000 to 150,000 dollars a piece.

According to Capital weekly, the businessman’s personal wealth goes to 50 million dollars. Tantareanu owns two companies: the construction company API, which he started as a family business, and the commercial venue Prisma, where he holds 30% of the shares. Tantareanu also has a luxurious villa in the Green Paradise.