THE SHRINKING MAGNATE "Raiffeisen Bank" to foreclose on Dinu Patriciu

• Andrei Ştefan (the son of Dinu Patriciu), Adrian Vasile and Peter Imre have sued him to recoup money they were owed

"Raiffeisen Bank" is set to foreclose on businessman Dinu Patriciu to recoup the money he owes the bank, according to the information published on the website of the Court of the 1st District of Bucharest.

This month, the court has accepted two requests submitted by "Raiffeisen Bank" to allow it to foreclose on Dinu Patriciu, with both rulings being irrevocable.

In the beginning of December 2012, the bank has also submitted two European payment subpoenas, at the Court of the 1st District of Bucharest which would allow the revealing of the accounts which Dinu Patriciu holds in Europe. In these two cases, the court is set to issue a ruling in April.

By the time the newspaper went to print, the representatives of Raiffeisen Bank did not respond to our enquiries on the amounts they are looking to recoup from businessman Dinu Patriciu.

It isn't just Raiffeisen Bank which has sued Dinu Patriciu, but also the former members of the Board of Directors of "Adevărul Holding" - the son of the Dinu Patriciu - Andrei Alexandru Ştefan, Adrian George Vasile and Peter Imre, the general manager of "Adevărul Holding".

Peter Imre said that his action is intended help him recoup an amount of money from Dinu Patriciu, which represents the equivalent amount of several promissory notes. He declined to provide us with more details. The court of the 1st District of Bucharest is set to issue a ruling today in the case filed by Peter Imre on January 21st.

If they were true, the notorious charts of "The richest Romanians", which placed Dinu Patriciu as the fourth richest, in 2012, with an estimated fortune of approximately 850 million Euros, then it would be easy for the debtors to get their money back.

In August 2011, the "Mic.ro Retail" and "Minimax Discount" retail stores, owned by Dinu Patriciu, used their merchandise inventories as collateral for 10 million Euros in debt, plus interest, with Raiffeisen Bank.

Other banks which lend money to the network of neighborhood stores owned by Dinu Patriciu were the Romanian Commercial Bank (BCR), UniCredit Ţiriac Bank and BRD.

In September 2010, BCR granted a credit facility of 13.2 million Euros to "Mercadia Holland", through which Dinu Patriciu owns the "Mic.ro Retail" and "Minimax Discount" store networks.

In May 2011, BRD lent five million Euros to "Mic.ro Retail".

In December 2010, UniCredit Ţiriac Bank granted a loan of 9 million Euros and one of ten million Euros to "Mic.ro Retail" and "Minimax Discount".

In September 2011, "Mic.ro Retail" also took over through a leasing contract signed with UniCredit Ţiriac Bank, 131 cars.

Soon, Patriciu may no longer be called the "magnate", but the "shrinking magnate " instead.