Prosecutors reportedly investigate possible fraud related to Romanian real estate developer Nordis
<p>Prosecutors of the Directorate for Investigating Organized Crime and Terrorism (DIICOT) have been investigating for around a year possible frauds and the activity of an organised criminal group related to real estate developer Nordis,&nbsp;<a href="https://www.g4media.ro/surse-procurorii-diicot-au-deschis-un-dosar-penal-pe-afacerea-nordis-dosarul-este-in-rem-priveste-fapte-si-nu-persoane-procurorii-investigheaza-infractiuni-precum-constituirea-unui-grup-infractio.html" rel="noopener" target="_blank">G4media.ro</a> announced, quoting sources familiar with the investigations.</p>

<p>However, no individual was indicted despite more than ten complaints filed against those behind Nordis since the beginning of the year, according to&nbsp;<a href="https://www.presshub.ro/scandalul-nordis-de-la-ploiesti-s-a-lasat-cu-arestari-la-bucuresti-faptele-sunt-cercetate-in-rem-adica-dosar-tinut-la-sertar-348778/" rel="noopener" target="_blank">PressHub</a>.</p>

<p>In the meantime, the senior ruling Social Democratic Party announced imminent legislative amendments in response to the scandal: the front payment charged by the real estate developers for projects not yet completed will be limited to 10% of the value of the deal, and the money will be transparently used only for the development of the project, under a draft bill unveiled by&nbsp;<a href="https://www.g4media.ro/schimbare-majora-de-regula-pa-piata-imobiliara-dupa-scandalul-nordis-proiect-psd-pentru-limitarea-la-10-a-avansului-pentru-cumpararea-de-imobile-construite-de-dezvoltatori-avansul-se-achita-intr-un.html" rel="noopener" target="_blank">G4media.ro</a>.</p>

<p>The prosecutors are not investigating specific persons in connection to the alleged frauds at Nordis, according to G4media.ro.</p>

<p>The publication previously reported about "the business of a political-real estate clan with connections at the highest level" whose main partner is Vladimir Ciorbă, the principal owner of real estate developer Nordis and the husband of Laura Vicol – a Social Democrat MP and (now resigned) head of the legal committee of the Chamber of Deputies.</p>

<p>On October 7, a panel of judges from the Bucharest Court accepted the request of one of the creditors of the real estate developer Nordis Management and ordered the company's insolvency.</p>

<p>Laura Vicol subsequently resigned from her position as head of the legal committee.</p>

<p>Local investigative platform&nbsp;<a href="https://recorder.ro/schema-nordis-masinaria-de-facut-bani-a-celui-mai-puternic-clan-politico-imobiliar/" rel="noopener" target="_blank">Recorder</a>&nbsp;also unveiled the political connections of the developer and, following an extensive investigation and based on several documents reviewed, concluded that Nordis allegedly sold the same apartment to multiple buyers under various instruments such as pre-contracts or contracts. In a reaction quoted by&nbsp;<a href="https://www.bursa.ro/nordis-group-spune-nu-impotriva-acuzatiilor-din-presa-22646356?mc_cid=663e541d6b&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Bursa.ro</a>, the developer said this never happened, as it would be impossible.</p>

<p>Recorder journalists also noted that such a scheme "would not have been possible without the major weaknesses in the Romanian legislation" and the alleged political ties to this business.</p>

<p><em>iulian@romania-insider.com</em></p>

<p><em>(Photo source:&nbsp;Inquam Photos /&nbsp;<a href="https://www.inquamphotos.com/users/octavganea">Octav&nbsp;Ganea</a>)</em></p>