Dinu Patriciu, one of the richest Romanians and CEO of the Rompetrol Group, announced that he has benefited from the international financial crisis and has invested “hundreds of millions of dollars” in acquisitions in IT, media, alternative energies, and real estate, and will continue this process of acquiring assets.
“I made direct investments in these areas, and also have portfolio investments in hedge funds, commodities, etc. I will also make acquisitions in media and the internet. I do not believe in the future of television. Adevarul Holding will continue acquisitions outside Romania in the written press,” Patriciu said yesterday in Almati, Kazakhstan. He added that “this financial crisis is deepening and there are opportunities for acquisitions.” Asked if he would acquire a bank, the businessman responded that he will respond in one month, because he is expecting the effects of the crisis to worsen.
Doru Lionachescu, one of the founders of the Capital Partners investment company, concurred that the crisis period is beneficial for sophisticated investors, not speculators. “I personally believe that several investment opportunities are developing in Romania already, as well as globally. This is the moment for strategic and sophisticated investors. I do not think this is the time for us to encourage amateur investors to make speculations. This is the moment for strategists and specialists,” added Lionachescu for The Money Channel.
Patriciu further indicated that Romania has already been affected by the financial crisis, after this reached a head in the United States and spread to Europe. “In Romania, back in February, I predicted a 50 percent decline on the real estate market, which happened, and this will continue at the same rhythm, if not even higher. Financing in this sector has become blocked, but what is happening is healthy. This is how the bubble bursts,” added Dinu Patriciu. Commenting on the proposed rise in salaries in Romania, Patriciu said: “This is stupid, even criminal to raise wages without an increase in labor productivity.”
