The Intercontinental Hotel Company, which operates the 5-star InterContinental hotel in Bucharest, will sue businessman Dan Adamescu and his son, Alexander, after Astra Asigurari, a company controlled by the Adamescu family that holds a stake in the hotel, was declared bankrupt in court.
The lawsuit will be filed against them as administrators of the company operating the hotel, as well as against other individuals, former administrators, in the form of a liability action.
A liability action against administrators is a procedural legal means used by the General Meeting of Shareholders to recover damages caused to the company by them as a result of breaching their duties.
In April, the Astra Insurance-Reinsurance Company, controlled by the Adamescu family, was declared bankrupt by the Bucharest Court of Appeal.
Astra, through its Sector 3 Agency, holds nearly 17% of the shares in the InterContinental hotel operator and is the second-largest shareholder after a Cypriot offshore company which the press has reported is also controlled by Adamescu.
Astra’s participation in the share capital was 13.6 million RON, a value close to the price that would be obtained if the stake were sold on the stock exchange.
Source: Profit
Frequently Asked Questions
Why is the Intercontinental Hotel Company suing the Adamescu family?
The company is pursuing a liability action to recover damages resulting from a breach of administrative duties by the defendants.
What was Astra Asigurari’s involvement with the hotel?
Astra Asigurari was a significant shareholder, owning approximately 17% of the hotel operator’s shares prior to its bankruptcy.
Who are the defendants in this legal action?
The lawsuit targets Dan and Alexander Adamescu, along with several other former administrators of the hotel’s operating company.