Businessman Liviu Tudor proceeds with caution

“What am I doing to counter the crisis? I am not engaging in new developments, I am not exposing [the business], I have more conservative development plans, and I am saving money,” Tudor told Business Standard. He added that he is not applying for bank loans at this time. According to Tudor, the crisis has not yet been felt in Romania, but the impact will be visible next year, when many people will stop paying their debts due to higher unemployment and because they are over-indebted. This will lead to a liquidity gap in the cash flow from producers to distributors and final consumers. “Unless banks offer capital infusions, there will be increasingly more liquidity bubbles, leading to bankruptcies of those who cannot handle the liquidity crisis,” the businessman said. Tudor, who is one of Romania’s low profile businesspeople, invested some €200 million in office space through Genesis Development. The West Gate and Novo Parc projects now have a total 120,000 sqm area. Upon completion, the two projects will each have 125,000 sqm. “We have come halfway and are now staying put. All developers have halted,” he said. Tudor entered the business field in the 1990s and is known for selling the Interoil Oradea edible oil producer to U.S Bunge giant and the IIRUC Service IT service provider to Raiffeisen Informatik. However, he is not registered as a shareholder of any company, as he controls all his business through third parties. (M.F.)