Shares of Solana in Ulcinj and Izbor in Bar On Sale Soon

By , 13 Jun 2019, 15:55 PM Business
Shares of Eurofond in Solana hidden in NLB custody department Shares of Eurofond in Solana hidden in NLB custody department Savo Prelevic

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The custody department of the NLB bank from Podgorica, which controls the hidden owners of shares from the portfolio companies ZIF Eurofond, should in the next few days, on the demand of public notaries, block the remaining shares of this fund in favor of disagreeable shareholders to be offered for sale at the Stock Exchange in the process of execution of the several court judgments. NLB Bank is, in other words, the depository bank of ZIF Eurofond, which since December 2015 did not fulfill its legal obligation and paid disagreeable shareholders. 

Among the most valuable shares that will be the subject of the sale, in the process of compulsory billing, there are majority shares of the funds of Solana "Bajo Sekulic" from Ulcinj and Izbor from Bar.

These are the shares from the portfolio of funds that have been pledged to the bank Alpinum AG - Vaduz from Liechtenstein a few years ago, as means for securing loans withdrawn, as confirmed by the Capital Market Commission.

Public executives Aleksandar Boskovic and Aleksandra Tomkovic Vukoslavcevic have made three decisions on the execution of two court verdicts to settle 28 disagreeable shareholders of ZIF Eurofond, which, according to final verdicts, amount to a total of about EUR 1.15 million.

In an earlier communication with the custody department of NLB and representatives of the Central Clearing and Depository Company (CKDD), the notary Boskovic was unable to immediately sell the remaining Eurofund shares because he received an answer that the fund is not their owner.

Last week, NLB representatives finally admitted that the remainder of the fund's shares is in the hidden aggregate account number 8 right in that bank and that they will respond in writing to this notary’s request "in two or three days" which has not happened to this day.

Ulcinj’s Solana is the beneficiary of over 13 million square meters of land in the hinterland of Velika plaza in Ulcinj.  Izbor is a company from Bar which owns real estate in Bar, Podgorica and Cetinje. Out of the 161 disagreeable shareholders of ZIF Eurofond, about 70 of them had sued the fund a couple of years ago. The disagreeable shareholders initially demanded about €5.8 million. 

Boskovic: Interest rate is still being calculated 

The notary Boskovic told “Vijesti” that the procedures are in the process of obtaining accurate data on the quantity and type of actions owned by the executive debtor - ZIF Eurofond, which are registered with the CKDD. "In the course of the proceedings, the notary has taken all actions within his jurisdiction in order to enforce the collection of claims, recording the execution for all shares owned by the executive debtor. Execution decisions that, among other funds, were also executed on the shares of the executive debtor, were made in January and February this year. At this point, it is not possible to provide accurate information on the value of claims of executive creditors, since the solutions are determined by execution and to charge the interest rates calculated from the due date until the final payment, which remains uncertain. The sale of the shares that are the subject of the execution is carried out through an authorized shareholder on the stock exchange, after obtaining the amount and value of the shares. Also, I appreciate that by providing information on the identity of executive creditors and the number of their claims, the personal and economic interest of the participants in the proceedings could be jeopardized, protected by the Personal Data Protection Act," Boskovic stated.

Text by Milorad Milosevic, on June 12th, 2019, read more at Vijesti

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