Vitek says Orco's future is in jeopardy

The future of Luxembourg-based real estate developer Orco is uncertain according to its largest shareholder, Radovan Vitek, who was quoted as saying by news agency CTK. Vitek who owns over 30 percent of Orco shares said that, since his investment, “several items have appeared in the Central European developer's books that could cut the company's value by tens of millions of euros.” Orco has a number of projects in Poland, including high-rise residential Złota 44 tower in Warsaw. Orco reported a €142 million net loss for the first nine months of 2013.