The company Sveti Stefan hotels initiated arbitration proceedings before the court in London against the tenants of the hotels Sveti Stefan and Miločer, Adriatic Properties and Aman, in order to protect their rights from the contract, as well as the shareholders' capital and the company's assets.
At the meeting of the Board of Directors on Friday, that company made a decision to initiate the procedure for the protection of rights before the arbitration court in London in accordance with the contract on the long-term lease of the hotel Sveti Stefan and Miločer dated January 31, 2007 and Annex I of the contract dated January 5, 2013. concluded with Adriatic Properties.
The management of Sveti Stefan hotels said that by not using the property, which in this case represents the most beautiful and valuable part of the Adriatic coast, its value is progressively reduced.
"Therefore, the company Sveti Stefan hotels is obliged to take actions to prevent damage to society and property. In this regard, we turned to the international tribunal based in London, to quickly and efficiently resolve disputed issues related to the fulfillment of the contract and thus ensure that Adriatic Properties and Aman respect the contractual and legal obligations regarding the management of hotels on the Holy Stefan", the management statement states.
They reminded that the Sveti Stefan and Miločer hotels remained closed this year, and that there are serious indications that this will happen next year as well.
In addition, as they added, the lessee and Aman are blackmailing the opening of the hotel by obtaining guarantees that are legally unsustainable in terms of the lease agreement and Montenegrin laws.
The Sveti Stefan hotels company explained that before adopting such a decision, they undertook all activities to enable the tenant to fulfill contractual obligations in accordance with the agreed business standards.
"In the earlier period, the company Sveti Stefan hotels tried to resolve all open issues in the relationship with the tenant by agreement and took legal action before the competent authorities in order to protect the tenant's rights from the contract," the statement said.
They stated that the lessee announced the initiation of arbitration proceedings against the lessor, insisting that the lessee is obliged to provide the aforementioned guarantees, which is why the contracting parties entered into negotiations to resolve the dispute.
"Appreciating the tenant's attitude during the negotiations and not showing a sincere intention to resolve the dispute peacefully, the Sveti Stefan hotels company was forced to initiate arbitration proceedings against the tenant and Aman, in order to protect its rights from the agreement, but also the shareholders' capital and the company's property, bearing in mind the fact that the property of the company maintains a high value only if it is used and maintained in accordance with the contract", the announcement concludes.
Bonus video:
