Secure Property Development settles legal case
Secure Property Development & Investment, formerly Aisi Realty, a South Eastern European focused property and investment company, has settled a legal case against it.
This represents the last outstanding liability inherited by the current management following their takeover of the company in August 2011 and will result in a small profit being realised against the USD1.5m provision for the claim on Secure Property Development & Investment’s books.
In addition, the settlement releases any claim held by the plaintiff over the company’s 23 hectare Aisi Bela land holding in Odessa, Ukraine.
Lambros Anagnostopoulos, chief executive officer of Secure Property, says: “This settlement is another positive step forward and is further evidence of the success we are having in turning Secure Property Development & Investment around. It removes a significant liability and allows us to focus our time and resources on repositioning the company for future growth.
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