The Podgorica company "Adriatic Properties", which is the tenant of the "Sveti Stefan" hotel complex, showed at the end of last year that it owed over 107 million euros to related companies and individuals, of which two companies from the United Arab Emirates (UAE) accounted for 78 million euros, the Action for Social Justice (ASP) announced today.
The non-governmental organization (NGO) added that the hotel complex includes the hotels Sveti Stefan and Miločer, as well as Kraljičina plaža in Pržno, for which the tenant was given the right to build a new hotel, as well as villas for the market.
"Nevertheless, after the initiation of arbitration in London a few years ago, the total investment was suspended, while the pearl of Montenegrin tourism - the city hotel Sveti Stefan - has been closed to visitors for the fourth year. The company 'Adriatic Properties' was founded by the company 'Aidway Investments Limited', which registered in the offshore zone in the British Virgin Islands, so the real ownership is hidden and it is not known who the real tenant is. contractual norms in favor of the foreign lessee, and to the detriment of the interests of the State of Montenegro," the announcement reads.
From the ASP they stated ds to the companies "Fasamo Limited" and "MRI Consulting DMCC", both based in the UAE, "Adriatic Properties" shows long-term liabilities in the amount of over 78 million, of which 44,2 million refers to the first company, and on the second 34,1 million.
"In the UAE, real ownership is mostly hidden. At the same time, 'Adriatic Properties' shows long-term liabilities of less than a million euros according to the related company from Podgorica, 'Golden Estate', and about half a million more, according to 'First Financial Holding' from Podgorica. In all these these cases are related to loans from 2012 and in the following years. The purposes of the approved loans are not known, but it can be assumed that they were given for investments. However, there is no precise information about what was actually invested, with appropriate accompanying evidence, which really corroborates it, and the origin of the money is not known either," said the ASP.
The NGO also states that when it comes to related natural persons, based on the loans given, at the end of last year, long-term liabilities to Pua Wei Seng were 13,1 million, to Petros Statis 4,8 million, and to Chang Hon Ji 9,6 million. .
"Malaysian millionaire Pua Wei Seng was written about by the local media on several occasions and indicated that the US Federal Security Agency (FBI) accused him of illegal betting, and he was also arrested," ASP said.
According to the NGO, "at the end of last year, 'Adriatic Properties' showed an accumulated loss of a whopping 147 million euros over the years, the basic capital of the company is 76 million euros, so the negative capital is shown in the amount of 71 million euros".
"There are two arbitration proceedings before the court in London between the State of Montenegro and the lessee of Saint Stephen, who in the meantime not only does not open the gates of the popular Saint, but also stopped paying the rent based on the contract on long-term leases. More details about the arbitration proceedings now the government strictly hides from the citizens, although in the event of a negative outcome, the taxpayers would pay for the more than harmful contractual arrangements created at one time under the 'bat' of the government, which consisted of the majority of the Democratic Party of Socialists and its allies," the ASP statement concludes.
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