Austrian investor calls for respect of foreign investor rights in Poland

Austrian investor raises doubts about legitimate business etiquette and asks Polish Arbitration Court for resolution.

- Misleading with false information about the possibility of implementing a serious, multi-million investment in a prestigious restaurant project in country capital - Warsaw have led to failure of investment opportunity - informs private investor from Austria, Dr.Philipp Sabanas. After he has lost business project and considerable funds estimated at PLN 10 million, he now calls for opinion from Arbitration Court.

The Court will have to hear the case, where Austrian investor has been lured into investment in a famous roof top capital city restaurant spot, without being informed about the fact that the building owner did not secure necessary administration approvals. According to the investor's opinion, the owner of the building offered space for rent in 2021, signed an agreement (2022) and convinced the investor to build a restaurant even though City Office administration suspended the use of the building's roof.

The owner of the building – Globalworth fund, denies wrongdoings through its local branch Spektrum Tower Ltd, in its statement of December 15, 2023, emphasizing that all the Company's actions are undertaken in accordance with the provisions of law and with substantive support from renowned law firms.Furthermore, the company denies the claims that the position adopted by the Company regarding the possibility of using the hospitality business space was not supported by applicable legal provisions.

- Unfortunately, at no stage, both when signing the lease agreement and during its implementation, the investor was not informed about legal problems or lack of consent to use the roof area for commercial purposes – explained Kinga Miller, investor's legal advisor from the Wołoszański & Wspólnicy law firm.

Globalworth is a real estate fund, which owns Spektrum Tower building as well as other 20 office buildings in Poland. The case will be heard by the Warsaw Court of Arbitration in coming weeks with due course to provide answers to Austrian investor’ questions.

Source: https://businessjournal.pl