If the Ministry of Finance does not urgently pay "Ulcinjska Riviera" 420 euros, which was taken from its giro account at the end of last month due to the claims of minority shareholders, that company is threatened with bankruptcy.
This is written in the request for the refund of compensation paid to the minority shareholders of "Ulcinjska Riviera", which was recently submitted to the Ministry of Finance by a legal representative, a lawyer Branislav Lutovac.
"If the requested amount is not paid as soon as possible, HTP 'Ulcinjska riviera' AD Ulcinj threatens to initiate bankruptcy proceedings due to the impossibility of paying its obligations," says Lutovac's request.
As "Vijesti" announced, more than 420 euros were withdrawn from the "Ulcinjska Riviera" account in favor of the "Atlas Mont Podgorica" investment fund, which is managed by DZU "Quantum Investments" AD Podgorica, at the end of November, based on a final judgment from 2019. . year.
The decision on execution was made by the public bailiff Vladimir Vujotić on the basis of the executive judgment of the Commercial Court, and Lutovac disputed the subject debt in its entirety in the submitted complaint.
"Point 3 of the Conclusion of the Government of Montenegro no. 07-72 of April 25, 4, the Ministry of Finance and the Ministry of Sustainable Development and Tourism were ordered to monitor the remaining court cases based on lawsuits for the exercise of the rights of minority shareholders and that, in accordance with the judgments that will be due for execution, the Ministry of Finance will successively redirect funds from the spending unit of the Reserves to the spending unit of the Ministry of Sustainable Development and Tourism. In that direction, we sent a request to the Ministry of Finance", Lutovac told "Vijesta".
The account of that Ulcinj company is still blocked because "Atlas Mont" has not yet collected the entire amount of its claims, allegedly due to late interest.
Open investment fund "Atlas Mont" was a minority shareholder of "Ulcinjska 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 notification of their intention within the legal deadline to exercise the right to buy back shares at market value, they claimed the right to compensation for their claims.
In 2017, "Ulcinjska Riviera" leased the hotels "Olimpik" and "Belvi" with outbuildings to "Karizmi" 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 the object of the judgment, i.e. collection, regardless of the fact that the fund subsequently bought the same number of shares.
He stated that the subsequently purchased shares are not the same as those that were the subject of the litigation and enforcement document, and that the new shares are separate transactions that cannot retroactively become the subject of the law from 2019.
He pointed out that by subsequently buying 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 verdict, in order to re-qualify for the right from the verdict, and that with this procedure it leads to the public bailiff's mistake and abuses the right to enforcement, 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 10,5 euros 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 verdicts 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.
Workers' claims are due for collection
The account of "Ulcinjska Riviera" was also blocked a few days ago on another basis - the final judgment of the High Court in favor of a former employee for the underpayment of severance pay in the amount of several thousand euros has arrived for collection, "Vijesti" has learned.
According to the same information, in the coming period several more executive claims of former and current employees of "Ulcinjska Riviera", who sued that company to the Basic Court in Ulcinj, demanding the payment of part of the severance pay and the difference in personal income in a proceeding worth more than 250 thousand euros.
In the Analysis of the situation in the Ulcinj hotelier, which was done by the Ministry of Tourism, it is stated that the solution to the problem is the sale of non-functioning land at the Bus station, which is owned by the "Ulcinj Riviera", allegedly worth around one million euros.
"Around 40 former employees, whose employment was terminated on the basis of severance pay, filed a lawsuit in 2021 and 2022 with the Basic Court in Ulcinj for the payment of part of the severance pay. Also, about 30 workers who are still employed sued HTP 'Ulcinjska riviera' for the payment of the difference in personal income for the period from 2009 to 2021. In the case of ending the dispute in favor of the worker, it is estimated that the amount of the payment a worker's dispute with all costs can reach the amount of over 250.000 euros," the analysis reads.
Lutovac confirmed to "Vijesta" that it is true that lawsuits have been filed against more than 60 workers, both those who are currently employed and those who have left the company or have exercised their right to a pension.
"The claims refer to compensation for damages due to allegedly less paid wages, compensation for overtime work, unused vacations and work during holidays. He also has claims based on allegedly less paid severance pay. Total claims exceed the amount of 250.000 euros," said Lutovac.
He stated that proceedings are ongoing before the Basic Court in Ulcinj and the High Court in Podgorica.
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