Fate Institute "Simo Milosevic” from Igalo will be known next week, because the Montenegrin Minister of Finance will discuss his debt of about 7,5 million euros in Belgrade on Wednesday. Aleksandar Damjanović and his Serbian counterpart Sinish Mali.
Since 1987, the Institute has had a loan debt to Jugobanca in the amount of about 3,7 million euros, and it has grown to about 7,5 million euros with interest. Because the bank went bankrupt, the claim was taken over by the state Deposit Insurance Agency, which finally won the dispute about this claim in 2021, when it was legally recognized by the Montenegrin courts.
Last week, the agency blocked the account of the Igalo Institute in the amount of 7,5 million euros, and since the state-owned company is already in big trouble, this blocking, if it remains in effect, will mean certain bankruptcy, which would lead to bankruptcy and the sale of assets.
Three days ago, a proposal came from the Deposit Insurance Agency that they are ready to temporarily lift the blocking of the account, and from the Ministry of Finance of Serbia, an invitation to negotiate to find a permanent solution while preserving this health and tourism institution.
Damjanović told "Vijesti" yesterday that the main topic of the meeting will be finding a solution so that the Institute does not go bankrupt.
"We are ready to hear the proposals and ideas of the other side and to present our arguments in order to find an urgent solution for the difficult situation in which the Institute finds itself," said Damjanović.
He said that the Institute is now in a very bad financial situation due to accumulated problems from the previous period, so even now during the summer season, when it should have the highest income, there is no money to pay even regular obligations.
"Blocking accounts in this multimillion-dollar amount would certainly lead to bankruptcy. At the meeting in Belgrade, and after that, we will consider and analyze all possible models in order to prevent the worst scenario for this company", said Damjanović to "Vijesta".
The employees of the Institute are now on some form of strike, and in several cities there are protests to save the Institute organized by the Union of Free Trade Unions, whose members are the majority of the employees of this company. The employees are asking for the payment of at least two salaries, for which it is necessary to provide around 800 thousand euros.
The government was already helping the company by paying in advance for the Institute's future services under the State Health Insurance Fund.
According to the financial report for last year, the Institute has accumulated losses from the previous period in the amount of EUR 28 million, while short-term and long-term liabilities and provisions amount to EUR 26 million.
In 2021, the Commercial Court in Podgorica recognized the decision of the Belgrade courts, and this was confirmed by the Court of Appeal. The total debt with principal, interest and court costs for 30 years is 7,5 million euros.
The government owns about 56 percent of the shares of the Institute, and Villa "Oliva" is owned by a businessman from Podgorica Žarko Rakčević is the owner of about 27 percent of the shares, which it previously bought from the Government of Serbia.
Back in 2009, the government committed itself in a conclusion that in the event that the Institute loses the dispute, it will take over the debts owed to Jugobanka, but it has not done so.
Earlier, the attempt to sell the Institute to the Czech-Montenegrin consortium "Filibert" and Villa "Oliva" failed.
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