Businessman Ionuţ Negoiţă, 36, who owns Confort group togetherwith his brother Robert Negoiţă (a PSD deputy), with tourism, realestate and media operations, maintains he has halted investmentsand waiting for the market to stabilise, while in early 2010 hespoke of a mall and a 1,000-room hotel at the seaside.
"We will not operate any further investments this year. Irecklessly took out short-term loans and risked getting stuck,"stated Ionuţ Negoiţă, who works with several banks in Romania, withbanking debts standing at 27m euros, according to hisestimates.
Negoiţă brothers control Rin Grand hotel of Bucharest, Europe'sbiggest (according to owners), with around 1,500 rooms along 15storeys and 1,000 parking spots, a 60m-euro investment finalised in2007.
The businesses the two entrepreneurs manage slipped further afterthe first half. "Rin Grand Hotel had 5.3m-euro turnover in thefirst six months of the year, down 18.3% from a year ago,"specifies Negoiţă.
The businessman says that his companies now hold cash and untilthey are able to 70% bear a banking loan, he will no longer workwith money from banks.
"The relationship with banks is one of subordination, with banksholding a dominant position", Negoiţă says.
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