In a new written address to the board of Luka Bar, its executive director Zarija Franović announced that the company indisputably operated with a profit of 2018 euros for the first six months of 499.364, but also admitted that his management did not properly book half-yearly rents.
Everything related to the Voli facility, as stated in Franović's address, which "Vijesti" had access to, is "clean" except for the posting account itself, which, as the director claims, "does not affect the overall result."
"Therefore, it is necessary before point 2 of the 188th session of the Board of Directors to be the point of giving consent/decision on the extraordinary listing of the Voli facility that you requested and which was delivered to you in a timely manner," added the letter to the Board.
The meeting of the Luka Board, where the half-yearly report was supposed to be discussed again, was not held on Thursday because Board member Branislav Branković, who, by the way, is the financial director of the company Voli, resigned against all expectations. Previously, the Board informed Franović that he did not enjoy their trust due to "bad natural, but also incorrect economic parameters" during the six months of 2018.
The problem in the Finance Department of the Port arose, among other things, because Franović and his managers, according to "Vijesti" information, booked the company's income from this year's rents already in the first half of the calendar year for the entire year, thus formally achieving a profit for these six months . This is not accounting correct because at the end of this year 2018, they will have to make a correction (loss) for pre-booked rental income.
"There is nothing in dispute to correct the way of posting rental invoices, which are otherwise valid and true and in accordance with the law. There are no fake invoices, but by posting them, on active or passive time accruals, the income in 2018 was not faked because it was realized and realistic", claims Franović in his address.
He cites the fact that the tenants have used the premises for years without payment, and that the interest of the Port is protected by the new contracts. The achieved half-yearly profit that Franović now mentions is lower by about 100 thousand compared to the one he announced publicly on July 13. Because of the publicly announced data that the semi-annual profit will be more than 600 thousand euros, the Montenegrin Association of Small Shareholders reported it to the Capital Market Commission, which is investigating whether this statement resulted in manipulation of the stock market and a 20 percent increase in Luka's shares. An external audit, hired by small shareholder Luke Bar, found that instead of a profit of 600.000 euros, which the director publicly boasted, the company recorded an operating loss of slightly more than 50 euros during the first half of this year, while the actual loss, depending on the methodology used by the financial director, in a repeated procedure, and according to the management's instructions related to the payment of the salary difference, it can amount to several million euros.
The director refers to the regulations
Franović told the Board that the persons responsible for financial reporting worked in accordance with the law and the rulebook on the accounting policies of the Port of Bar.
"Now, given that someone is contesting the very application of Articles 28 and 34 and some others from the Rulebook, which was passed by the highest body of the company - the shareholders' assembly, the latter should initiate an initiative to the shareholders' assembly to amend this Rulebook. Therefore, prior to the amendment of the Rulebook, it is not possible to post contrary to it, unless the Board of Directors, on its own responsibility, makes specific decisions for each individual item from the financial statement in question. It is up to you to make decisions, and it is up to us to respect them, but with the legally given right to inform the Board of Directors if the decisions are contrary to the law, regulations and internal acts", noted Franović in his address.
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