Minority shareholders of UTIP "Crna Gora" filed several lawsuits with the Commercial Court of Montenegro in which they demand the payment of the ownership stake, since the management of that company did not pay them within the legal term, "Vijesti" learned from several sources. The assembly of shareholders of UTIP "Crna Gora", majority-owned by the companies of businessman Žarko Burić, adopted on November 10 the decision to build a multi-purpose business-residential building-hotel and residential units, on the land and three cadastral plots, which are located behind the Siti Hotel, and next to Ljubović hill. The representatives of 6,99 percent of the shares voted against that decision, which, as dissenters, were not paid the owner's stake within 30 days. The representatives of the dissenting shareholders of UTIP "Montenegro" previously, at a meeting with the management of the company, did not accept the proposal that their ownership stakes in that company, worth a total of 811,2 thousand euros, be paid within a longer period than the foreseen 30 days, and with the obligation of UTIP to new mutual agreements on these transactions are concluded before a notary public. It was speculated that the subject of the conversation was payment in 24 monthly installments, which the small shareholders allegedly did not agree to. UTIP is majority owned by Burić's company Normal Tours with 80,4 percent of the shares, which supported the proposed decision on the new investment, while against the decision were representatives of the minority owner CEED Consulting with 5,8 percent of the shares, a company controlled for more than a decade by former minister Petar Ivanović, First Bank of Montenegro, which has 0,48 percent of shares, as well as several other minority shareholders of UTIP. Disagreeing shareholders, opposing the proposed decision, gained the right to demand payment of their ownership stake at the average stock price of UTIP "Montenegro" shares of 30 cents within 78 days from the submission of the request (which they did). UTIP "Montenegro" owns 5.264 square meters of free land, but it is necessary to purchase additional land for the realization of the planned investment, according to the project, which requires a total of 9.418 square meters. The plan is to build a building with two underground garage floors and a maximum of six floors, in which, in addition to residential space, there will be a new city hotel vertically, with a separate entrance. The area of one floor, according to the company's plans, will be 4.709 square meters. Disagreeing shareholders were against this investment.
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