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During the period from 2020 to 2023, the real estate market in Moldova experienced significant growth, with prices rising by approximately 30%<\/a> on average, and even higher for newly built properties (40-50%). Additionally, the average official income per person increased from 8,860 MDL at the end of 2020 to 13,400 MDL in Q4 of 2023. Despite the negative growth of GDP in 2020, Moldova\u2019s GDP increased from 11.53 billion USD to 14.78 billion USD in 2023 showing an impressive growth.<\/p>\n Challenges<\/strong><\/p>\n An important aspect of entering Moldovan market was that there is a partner and shareholder who is operating on that market. In 2020, after entering a partnership with Kirsan, we published a comprehensive review of the Moldovan market, economy, and the new presidency of Maia Sandu, along with market outlooks. As we reassess the situation now, we find that our fundamental outlooks have largely proven correct. However, certain unforeseen challenges related rather to the legal system in the country have emerged, impacting projects in Moldova (and other countries) and our investors.<\/p>\n Legal Proceedings<\/strong><\/p>\n After the companies associated with Kirsan instead of fulfilling their obligations and given promises relocated theif offices to small city of B\u0103l\u0163i located 140 km away from Chisinau (the full address is B\u0103l\u0163i, str. Sf\u00e2ntul Nicolae 112) and the next day initiated the accelerated debt restructuring procedures, we, as it is expected in modern world and democratic Country, got the debt to our investors proved and confirmed by the court in every process that was initiated for the companies in debt.<\/p>\n Despite our efforts to seek resolution through legal channels, we have encountered questionable decisions by the courts <\/a>and bankruptcy administrators<\/a>. However, we have escalated the matter to other authorities, including the Anti-Corruption Agency of Moldova. <\/p>\n We are encouraged by the appointment of young, energetic and very promising investigator Victor Fromusachi<\/em> to lead the investigation. Our representatives have met with him to provide information and details and have received a positive feedback.<\/p>\n