Patriciu’s assets executed for EUR 20 M debt

Businessman Dinu Patriciu will have his assets executed by Raiffeisen Bank for a debt of EUR 20 M, notes. When he took the loan from the bank, Dinu Patriciu offered as collateral a promissory note that subsequently bounced back. The bank went to court and obtained the execution of assets from the District 1 Court House and from the Buftea Court House. After the notice of execution is duly communicated, Dinu Patriciu’s assets will be valuated. According to Capital publication, the emphasis will fall on the properties the businessman owns himself or together with other persons and which are situated in the jurisdictions of the two courts notified. It is the first time that a bank obtains a court order for the execution of Dinu Patriciu’s assets. According to the mentioned source, this could be just the beginning of a long series, as the businessman owes money to four other banks. One of them is Unicredit Tiriac, which lent him money to finance the store chain, and which he guaranteed with two promissory notes one worth EUR 10 M and the other one EUR 9 M.  In the meantime the stores went bankrupt and Dinu Patriciu has not paid the loan. He has been sued by Unicredit Tiriac, but his assets were not executed as the lender dropped its claim.

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