Chisinau, June 28 (Infotag). Vicol NV company of Belgium maintains that the Moldova Law on Investment in Entrepreneurial Activities simply does not work in this republic. Mr. Vladimir Seletsky of the company told a news conference in Infotag that Vicol NV had invested over $2.19 million in the Moldovan economy having provided a credit for privatization of Dacia Hotel in downtown Chisinau. In August 2003, however, the hotel was returned into the ownership of the State Chancellery Office, after the General Prosecutor's Office had claimed that, firstly, nobody asked the State Chancellery’s opinion or consent before the privatization, and, secondly, the hotel price was strongly underrated. Mr. Seletsky qualified such doings as nationalization of foreign economic agent’s property. He said the scandal would be considered by the Parliamentary Assembly of the Council of Europe (PACE) which has already set up an ad hoc commission to investigate into the dispute. “It was not in our plans to get into the center of Europe’s attention. However, the PACE decided to examine our case in order to have a better picture of how foreign investments are treated in Moldova”, Vladimir Seletsky said. Company lawyer Luc de Deken expressed concern over conditions in which foreign investors have to work in the Republic of Moldova. He maintained that his company had obtained the hotel on absolutely legal grounds, so the subsequent scandal will serve a signal for Europeans that investment in Moldova is a risky enterprise. The lawyer had a meeting with Chisinau Mayor Serafim Urechean, after which he came to realize that “not everything is yet lost for Moldova, for there are personalities in the country who can well be trusted”. Dacia Hotel lawyer George Mihailo said a claim against the Moldovan Government had been accepted for examination by the European Court of Human Rights. The plaintiffs are demanding back their investment in the hotel ($2.19 million) and subsequent losses the company has incurred since the privatization moment ($128.3 thousand). On June 28, the Moldovan Economic Court of Appeals began examining the claim lodged by the General Prosecutor's Office on recognizing as null and void the treaty on pledging Dacia Hotel for receiving a credit from Vicol NV. However, the defendants have practically no doubt that the Court, which is under a strong influence by the authorities, will certainly decide the case into the Office’s favor.