Tens of businesses destroyed, hundreds of people laid off and illegal maters from Prime’s Kapital investment in Romania – Silk District

Publicat: 12 iun. 2019

The most controversial real estate project in the history of Iasi is definitely the Silk District! Not only does this project not yet have all the legal authorizations received, it is based on serious violations of the legislation in force! First of all, in order to start the Silk District, dozens of businesses have been destroyed, insolvent or even bankrupt, and hundreds of people have been laid off, who have been left without the incomes of their families. When Prime Kapital made the 11-hectare transaction with Teba Industries, which housed several halls and an administrative pavilion, there were dozens of larger or smaller firms that had about 1,000 employees and a turnover of millions of euros!

From the moment of the transaction, the illegalities started! Thus, all companies that had contracts in place with Teba Industries, as owners, for renting spaces, found themselves abusively evacuated overnight. The company, controlled by businessmen Martin Slabbert and Victor Semionov, has sent immediate evacuation notices within 2-3 months to all the companies that were tenants at Teba Industries! Or this is totally ILLEGAL, since all these tenants, headed by ISPAL (the company that occupies the largest area on the TEBA plot) had contracts in place and were paying rent up to date! They are economic agents who had TEBA rent contracts until 2024, they made a business plan and a forecast of the spending budget until now, and they have now found themselves having to look for other sources of funding to find a new headquarters.
As a result, the vast majority of companies that were discharged from Teba Industries did not have the strength to continue their business, they went into insolvency and fired employees!
For example, ISPAL, the largest tenant of Teba Industries, has invested hundreds of thousands of euros in capital repairs and upgrading the space it has rented, though that was the duty of the owner of the buildings! Immediately after they had to relocate their work, Ispal lost most of their clients and now faces big economic difficulties. Just like Ispal, the other companies are also involved.
In conclusion, to build such a controversial real estate project, so illegally, the Prime Kapital went on the corpses, and the Romanian state, the local budget, the consolidated budget lost millions, from taxes and taxes on the salaries paid by the firms.

A controversial and unannounced project

We recall that the real estate market in Iasi has been shaken in recent weeks by the announcement made by PK (Prime Kapital) Ebony SRL, which has behind its back a South African investment fund, controlled by Mas Real ESTATE INC. On a plot of almost 10 ha on the Chisinau Avenue no. 22, which belonged to Teba Industry SA, a complex of offices, collective dwellings and hotel, under the name of Silk District, was to be built, worth about 200 million euros.

PK Ebony (Prime Kapital) rushed to get the project approvals, and there was pressure from the investment fund. At the same time, according to PK Ebony (Prime Kapital), the Silk District will have 100,000 square meters of Class A offices with a capacity of 14,000 employees. There are also 2,500 apartments. This means that enormous pressure will be put on the Chisinau Road, with the appearance of at least 10,000 cars.

If the Public Health Directorate has issued a positive opinion on this project, the same is not the case with the Environmental Protection Agency (IAA) Iasi. "Regarding the environmental notices for SC Teba Industry and PK Ebony SRL (Prime Kapital), we will inform you that the regulatory acts to which you refer have not been issued, the documentation being in the regulatory procedure", shows in an APM response Iasi. Even so, investors have the deadline to issue environmental permits until the project is submitted to the Urbanism Commission. The signal is clear, Chisinau's Way will become a road map for road traffic.

There are disputes 

The project of PK Ebony (Prime Kapital) is currently being disputed in court, the first term being on May 29th. More specifically, it is questioned how the former silk factory Victoria was taken over by Teba Industry SA, the owner who sold the buildings and land to PK Ebony (Prime Kapital). And the Iasi municipality became part of the process. If it turns out that the land must return to the State's property, the Iasi City Hall will administer the property. From this transaction, people from Teba Industry have earned around 20 million euros. The main reasoning behind the appeal is that Teba did not respect the privatization steps. PK Ebony SRL was founded by Martin Slabbert and Victor Semionov.
In recent years, the local industry has been systematically destroyed, and instead of thousands people working in factories, office buildings and blocks have now sprung up. It would be time for local and county authorities to get much more involved in city development. Both Mayor Mihai Chirica and Maricel Popa County Council President should sit at the same table and set up a city development strategy. At this time, nobody takes measures to support the local industry, not at Iasi level, and even less at the level of the Executive. So, for example, we have arrived, for example, that an industrial platform is gradually bankrupt, and in its place will create offices and housing.

Here's the board at Mas Real ESTATE
Malcolm Levy CFA
Ronald Spencer
Karen Tiplady
Paul Osbourn
Jaco Jansen
Jonathan Knight
Pierre Goosen
Glynnis Carthy
Werner Alberts
Melt Hamman

Absa Asset Management Pty Ltd.
The Vanguard Group, Inc.
STANLIB Asset Management
Sanlam Investment Management
Investec Asset Management
Alexander Forbes Investments Ltd.
Stanlib Multi-Manager Ltd.
Prudential Investment Managers
Momentum Asset Management
Old Mutual Investment Group (Pty) Ltd.

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