Romanian investment fund to pay damages to ten managers laid off

sifLocal investment fund SIF Transilvania will have to pay damages of over EUR 1 million to ten of its former managers who were laid off two years ago, reports Profit.ro.

The ten managers were hired to restructure Transilvania Hotels & Travel, SIF Transilvania’s tourism division. However, their work contracts were terminated after only a few months, according to Romania-Insider.com.

The managers recently won a lawsuit they filed against the company, having its accounts blocked. They claim that the company needs to pay them wages and damages of over EUR 1 million. The fund’s representatives said that they won’t pay the money, because there are other ways to appeal the decision.

The ten managers have won the collective lawsuit against Transilvania Hotels & Travel, and a few of them also won individual lawsuits at the Bucharest Court of Appeal. One of them, Mihai Zamfir, managed to have the accounts of Transilvania Hotels & SIF Transilvania blocked.

SIF Transilvania is the biggest hotel owner in Romania, with a portfolio of nearly 40 units, including Orizont Hotel in Predeal, Lotus in Felix, Aro Palace in Brasov, and over 20 hotels at the seaside.

The fund decided over two years ago to turn its tourism agency Transilvania Hotels & Travel into a hotel management company that would manage its whole hotel portfolio. It hired ten managers to carry out the process. Two months later, they were laid off. One of them said that this was probably related to the fact that they discovered things that weren’t ok and they disturbed some interests.

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