Most indebted local entrepreneurs

Local entrepreneurs in sectors such as real estate, communications, energy and pharmaceuticals have taken out credits worth tens or even hundreds of millions of euros for developing their businesses, but they can also render their businesses, and, implicitly their fortunes, more vulnerable to market fluctuations. According to market information, the Romanian businessmen with the highest debts to banks are low-profile businessman Zoltan Teszari, who controls the RCS & RDS group and took out a 500 million-dollar (around 340 million-euro) syndicated loan this year, and Iasi-based Iulian Dascalu, owner of the Iulius Group, whose loans amount to almost 370 million euros, dedicated to the development and refinancing of real estate projects. UniCredit Tiriac announced on Tuesday that it had reached an agreement with Iulius Group, to grant it a 124.8 million-euro loan for the construction of the residential segment of the Palas project in Iasi.