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Well hidden secrets: Nokia invest in Romania

Nokia officially launched construction works at a new factory in a village 18 km away from Cluj, an important county in Transylvania, on Friday, June 29. Dubious real estate deals are already on the move in the area.

Nokia investments in the area are estimated at around €60 billion ($81.4 billion), assuring jobs for almost 15.000 people. As a result, local authorities decided to offer land there and set all the necessary facilities for free. informs that all properties in the area contain illegal confidential clauses. In 2006, before Nokia officially announced the official investment site, local businessmen, local town hall counselors or citizens started buying land in the area. Thus, prices exploded, from 1-5 euro/square meter ($1.35 -$6.75) to €25-45/square meter ($33.75-$60.75).

Moreover, Nokia officials say that both the clauses and the contract itself are confidential even though Romanian public authorities see it illegal to contain public information when public investments of over $30 million ($40.5 million) are made. One similar investment was seen in Hungary, where Nokia invested in an industrial park but bought the land there. Hungarian authorities also assured facilities for the property. (