"Miločer" and "Sveti Stefan hotels" sued, so they have to pay 600.000 pounds to "Adriatic properties"

The companies of the Hotel and Tourist Enterprise "Miločer" and "Sveti Stefan hoteli" are obliged to pay the tenant of "Adriatic properties", businessman Petros Statis, the costs of the arbitration proceedings before the court in London

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The state lost almost all disputes: construction of the "Queen's Beach", Photo: Vuk Lajović
The state lost almost all disputes: construction of the "Queen's Beach", Photo: Vuk Lajović
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

The companies of the hotel tourism company "Miločer" and "Sveti Stefan hoteli" in the majority ownership of the state, which manage the elite summer resort Sveti Stefan - Miločer, are obliged to pay 600 thousand pounds to the tenant "Adriatic properties", which is the amount of the costs of the arbitration proceedings before the court in London.

This was confirmed by the "News" in the Greek businessman's company Petros Statis.

This is how much the costs of the procedure in the current part are, because all the temporary measures requested by these two state companies and all the previous issues (a total of 20 decisions), except for one request, were lost, which is why they are obliged to compensate "Adritaic Properties" with 600 thousand pounds of costs .

Before the International Court of Arbitration in London, the dispute initiated by "Adriatic properties" is still ongoing, demanding that it be paid one hundred million euros for breach of contract. State companies responded with a lawsuit.

On the other hand, due to the delay in the payment of the rent of "Adriatic properties", HTP "Miločer" found itself in an alarming situation.

Namely, the Revenue and Customs Administration blocked HTP "Miločer" due to a debt of slightly more than 48 thousand euros, and the situation in that government company, which manages the land complex in Miločerski Park where the new hotel "Kraljičina Plaža" is being built, is alarming because the workers are not received a salary, and the settlement of all obligations is late.

This is in a letter to the newly appointed Minister of Tourism, Ecology, Sustainable Development and Development of the North Vladimir Martinović presented by the executive director of HTP "Miločer" Igor Đurašević.

He accused the lessee, the company "Adriatic Properties", for such a situation, which did not settle the installments for the third and fourth quarters, nor did they fully pay those for the first and second of this year, and the four installments for the previous year were not fully paid.

Due to such a situation, HTP found itself in a difficult financial situation, because as Đurašević stated, the lessee knowingly endangers the functioning of the company, which is unable to pay its current obligations, by not paying its obligations.

"We are currently late with the September, October, November and December installments to the Compensation Fund in the amount of EUR 15 each, i.e. EUR 60 in total, two interest installments in the amount of EUR 14.500, ie EUR 29 to Universal Capital Bank, real estate tax for 2019, 2020, 2021, 2022 and 2023 in the amount of 592.139 euros," Đurašević emphasized in the letter.

Đurašević states that due to unpaid VAT, the company's account is blocked by the Tax and Customs Administration in the amount of EUR 48.708, of which the principal debt is EUR 35.949, and the interest is EUR 12.759.

"Also, we don't have money for salaries and other current obligations for a long time. Please, if possible, put some kind of pressure on the tenant to continue paying the debt. As I informed you earlier, we do not have any communication with them, they were instructed not to communicate with us except through lawyers while the arbitration proceedings are ongoing", Đurašević emphasized in the letter and requested that Martinović receive them for a meeting in order to present him with the alarming situation. in which is located the company whose one hundred percent owner is the Government of Montenegro.

Đurašević also sent a letter to the executive director of Adriatic Properties. Goran Bencun, requesting that they settle their obligations as soon as possible.

"Adriatic Properties" told "Vijesti" that the amount of mutual debts will soon be defined with the representatives of the Government.

HTP "Miločer" pledged a stone villa in Miločerski Park as collateral for a loan that the government company took in 2016 from Universal Capital Bank, one of whose owners is the company "Adriatic Properties", a tenant of the elite hotel complex Sveti Stefan - Miločer.

The old hotel "Kraljičina plaža" was demolished and a new hotel with an annex, 66 apartments for the market, is being built in its place and on the lot next to it.

The company "Adriatic properties" has concluded a contract with HTP "Miločer" on the multi-decade lease of the former hotel "Kraljičina plaža" and land, in whose name it pays 87 thousand euros per quarter. It is the only income of "HTP" Miločer". In addition to the contract with HTP "Miločer" in 2007, a contract was concluded with the then owner of the city hotel "Sveti Stefan" and Villa "Miločer", Hotel Group "Budvanska Riviera", which also gave the company of Greek businessman Petros Statis a three-decade lease and the most important tourist facilities on the Montenegrin coast. In the meantime, ownership was transferred to the company "Sveti Stefan hoteli" AD, to which 380 euros are paid quarterly for rent.

"Sveti Stefan hoteli" also recently sent an open letter, warning that if the lease installments are not paid, they will initiate the termination of the lease agreement at the Shareholders' Meeting.

A company of two employees, one of whom is the director

What is characteristic of the two state campaigns HTP "Miločer" and "Sveti Stefan hoteli" is that all their work is collecting the rent they collect from renting out elite summer resorts, which is why they have the smallest number of employees of all state companies.

In "Sveti Stefan hotels" they spend 79.755 euros for gross salaries on an annual basis. They have five employees, one of whom is the president of the five-member board of directors. From the annual amount for salaries, in addition to the employees, fees are also paid to the members of the Board of Directors in the amount of 500 euros.

HTP "Miločer" has two employees, one of whom is the executive director, and the other is the business secretary. 51.410 euros are paid annually for the gross salaries of employees and the three-member board of directors.

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