The company "Sveti Stefan hotels", which is majority owned by the state, announced that the tenant of the city-hotel Sveti Stefan, the company "Adriatic Properties", has not paid any invoices issued this year since the beginning of 2023.
The tenant, they add, did not pay the rent in full according to the submitted invoices for all four quarters in 2022, as well as the invoiced amount for indexation, and that in order to collect the difference, proceedings are being conducted before the Commercial Court.
They said that the Board of Directors of that company decided that the end of August would be the deadline for paying the rent, and that otherwise they would initiate the holding of an extraordinary Shareholders' Meeting, at which the shareholders would decide whether the lease agreement would be terminated in accordance with the law and positive legal regulations, or possibly suggest some other modalities.
They emphasize, among other things, that from next January they will not have funds for business.
The press release states that, due to the seriousness of the situation in which the "Sveti Stefan hoteli" company finds itself, an emergency meeting of the Board of Directors was held, where certain conclusions were adopted and the necessity of presenting them to the most important institutions in Montenegro, as well as to the public, was noted.
The company "Sveti Stefan hoteli" ad Budva derives all its business income only from the sale of its entire property to Adriatic Properties. However, since the beginning of the year, the tenant has not paid a single invoice issued in 2023. Also, the tenant did not pay the rent in full according to the submitted invoices for all four quarters in 2022, as well as the invoiced amount for indexation, and in order to collect the difference, the proceedings are being conducted before the Commercial Court of Montenegro," announced executive director Nikola Plamenac and the president board Milica Kazanegra.
By not paying invoices, they point out, "Sveti Stefan hotels" do not generate any cash flow and meet existing obligations exclusively from liquidity reserves accumulated in the previous period.
"Since these liquidity reserves are not large, starting from January 01.01.2024, XNUMX, the Company will not be able to pay its obligations, which for the most part are tax obligations to the local self-government and the State of Montenegro", they note.
It is of great importance, as they said, that two proceedings are being conducted before the Arbitration Court in London and that at this moment it is not certain how much until the end of the proceedings the company will be obliged to obtain funds for the costs of the Arbitration Court.
"Taking into account the situation that has arisen, as well as the fact that the liquidity of the Company, which is majority owned by the Government of Montenegro, the PIO Fund and the Employment Agency, is called into question and that the Company will not have funds for business from January 01.01.2024, 2023, then the existence of uncertainty regarding the payment of the costs of arbitration proceedings, as well as the fact that the Sveti Stefan hotel has not been open for three years, the Board of Directors of 'Sveti Stefan hoteli' ad Budva decided to take the end of August XNUMX as the deadline for settling the rent, otherwise maintenance will be initiated an extraordinary Assembly of shareholders at which the shareholders will decide whether the Lease Agreement will be terminated in accordance with the law and positive legal regulations, or possibly propose some other modalities," the announcement concludes.
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