Lawyer HTP "Ulcinjska riviera" Branislav Lutovac submitted an objection to the decision on execution according to which more than 420 thousand euros were withdrawn from the account of this company in favor of the open investment fund Atlas Mont, which is managed by DZU "Quantum Investments"
The decision on execution was made by the public bailiff Vladimir Vujotić based on the executive judgment of the Commercial Court from 2019, and Lutovac disputed the debt in its entirety.
Atlas Mont was a minority shareholder of "Ulcinja Riviera" and did not agree to the long-term lease of part of the company's property on Velika plaža in 2017, and all dissenting minority shareholders, who submitted a written notice of their intention to exercise the right to buy shares at market value, they claimed the right to compensation for their claims.
In 2017, "Ulcinjska riviera" leased the hotels "Olimpik" and "Belvi" with annexes to the company Karizma for 30 years.
Lutovac claims that Atlas Mont, which owned 34.361 shares, sold 9.136 shares after the litigation and before the initiation of enforcement proceedings, which could not be subject to the judgment, that is, collection, regardless of the fact that the fund subsequently bought the same number of shares.
"Subsequently purchased shares are not the same as those that were the subject of litigation and executive documents. The new shares are separate transactions and cannot retroactively become the subject of the law from 2019," claims Lutovac.
He pointed out that by subsequently purchasing the same number of shares, Atlas Mont is trying to cover up the previous trade and create the appearance that it still owns all 34.361 shares that were the subject of the judgment in order to re-qualify for the right from the judgment, and that with this procedure it misleads the public bailiff and abuses the right of execution, trying to collect an amount that does not correspond to the actual state of his property in 2019.
Other minority shareholders collected their claims more than five years ago.
The owners of 181.073 shares, who did not agree with the decision, asked "Ulcinjska Riviera" to pay them EUR 10,5 per share, which was the market value on the day of the Shareholders' Assembly, in accordance with the Companies Act. As the hotelier from Ulcinj did not have the financial means to pay them at that time, court proceedings followed, which ended with final judgments in favor of the minority shareholders.
The government transferred 2,2 million euros from the state budget to the joint-stock company, which became the owner of 11,87 percent of the shares in its company.
Since "Ulcinjska Riviera" was again unable to return that money, the Government Duško Marković converted the debt into share capital and thus became the owner of around 22 percent of the shares in the company from Ulcinj.
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