The Ministry of Agriculture, Forestry and Water Management did not agree with the provisions of the contract concluded with the company "Vektra Jakić" on the storage of machinery and equipment, which the state seized from the company Dragan BrkovićFrom the department Vladimir Joković In March last year, they argued that they should first look at the possibilities of collecting debts from the Pljevlja company, and then pay off the state's obligations towards it.
This is stated, among other things, in a letter that "Vijesti" had access to, and which Joković addressed to the former bankruptcy administrator of "Vektra Jakić" Dragan Popović.
The Ministry of Agriculture told "Vijesti" a few days ago that they do not have a contract with "Vektra Jakić" in their records for the storage of machinery and equipment, and that in view of this, the Ministry did not pay the money.
In 2015, Pljevlja-based Vektra Jakić received a $3.000.000 loan from the then Ministry of Agriculture from the Abu Dhabi Development Fund (ADF). They did not repay the loan, so the Ministry seized machinery and equipment from the local factory's pellet plant as collateral, and Vektra Jakić went bankrupt at the end of December 2023.
"Vijesti" reported at the end of last year that the Ministry has a contract with "Vektra Jakić", according to which they must pay the company tens of thousands of euros per month for the storage of pellet equipment. The existence of this obligation was also confirmed by an email communication from the former Minister of Agriculture. Aleksandar Stijović with the Protector of Property Interests of Montenegro from February 2022, which states that the department is obliged to pay "Vektra Jakić" 44.840 euros per month in the winter period, and 27.150 euros in the summer.
If we calculate that there are six winter months and the same number of summer months in a year, we come to the conclusion that the "disputed" contract costs the state 431.940 euros per year. A source previously told the editorial office that the state has had this obligation for at least three years, that not a cent has been paid so far, and that the current debt amounts to more than a million euros, which no one has denied.
Contracted not paid
In a letter that Joković sent to bankruptcy trustee Popović in March, it is stated that the trustee requested the department to settle due obligations under the equipment storage contract, but also to conclude a new contract or possibly remove the pledged property.
"This Ministry, which was designated as a creditor in the proceedings, did not agree with the provisions of this legal transaction, and therefore, by an act dated February 25, 2022, addressed to the Protector of Property and Legal Interests, submitted comments and made suggestions for further action. Since the suggestions of the Ministry and the proposals of the Ministry of Finance have not been accepted, nor have the contracted obligations that you are trying to collect been paid, as we now learn from you, and at the same time, due to the passage of time and obsolescence of the technology that is the subject of the pledge, its value is further reduced, the Ministry is concerned about the risk that this action will not achieve the purpose of securing the loan from the pledge under the contract dated October 21, 2015. This Ministry supports the idea of holding an urgent meeting on this topic and indicates that the issue of the state's ability to settle 'Vektra Jakić's' debts to the state should be discussed first, and only then should we think about paying the state's obligations to that company," Joković writes in a letter delivered to Popović, the Ministry of Spatial Planning and the Property Administration.
He also stated that the issue of collecting claims from the state - to which "Vektra Jakić" owes a multi-million-dollar amount based on outstanding obligations for concessions and other fees for forest use since 2010 - still remains.
The new bankruptcy trustee does not know about the contract.
The bankruptcy administrator of "Vektra Jakić" Popović was relieved of his duties in September last year at his personal request, and was replaced by Dejan Keković.
"Vijesti" asked Keković about the status of the machines and the contract, but he pointed out that he was not aware of the existence of a contract for the storage of equipment and machines. He emphasized that the pledged property has not been sold so far, and that he cannot assess its current condition.
He says that valuing equipment is difficult because it is a specific asset, but he assumes that its value will decrease over time depending on the asset itself, its use and storage. He stated that the final value of the pledged machinery and equipment will be determined by a certified appraiser.
"So far, no sale of machinery and equipment has been made because an assessment has not yet been made on the basis of which the sale of the equipment in question could be made. The final judgment on the condition of the machinery and equipment that were the subject of the pledge will be given by a mechanical appraiser who has already made an assessment. No assessment has been made so far, and therefore no sale, because this case is extremely complex and requires a lot of time to implement any actions taken. First of all, a list of recognized and disputed claims had to be adopted, which required a lot of time and effort, given that there were 278 applications, each of which had to be read and analyzed. As far as I know, there is no contract on the safekeeping of the equipment of the Ministry of Agriculture by the bankruptcy debtor," Keković emphasized.
"Vijesti" also asked the Protector of Property and Legal Interests about the status of the equipment and this case at the end of December. Bojan Ćirović, who stated that she legally represents the state and the lawsuits before the Commercial Court, based on the fees that "Vektra Jakić" owes for concessions. She explained that the proceedings will continue when the conditions are met, because they were interrupted due to the opening of bankruptcy. Ćirović stated that the State Property Administration is competent for the contract on payment of the fee for the storage of equipment, because it manages and takes care of it, while the bankruptcy administration is competent for the sale.
The State Property Administration said at the end of last year that at this moment they are not responsible for dealing with the machinery and equipment at the "Vektra Jakić" pellet plant, including paying for any possible costs of storing that property.
The former forest-industrial complex "Velimir Jakić" was first declared bankrupt in May 2004, and in July 2006, Brković's "Vektra" bought the factory's assets for 1,6 million euros. At that time, investments of at least six million and the employment of 320 workers were promised. With these assets, Brković formed a new company "Vektra Jakić", and the state granted it concessions over the Pljevlja forests for 30 years.
Later, there were several court proceedings with creditors, the introduction and then termination of bankruptcy and reorganization procedures, several seizures of movable and immovable property and outstanding obligations towards workers, their protests, until the final introduction of bankruptcy.
Why didn't they sell the equipment and repay the loan?
A source familiar with this case told "Vijesti" that the biggest unknown is why the Department of Agriculture has not sold equipment and provided money to repay the loan to the Abu Dhabi Fund since the end of 2019.
He also emphasized that based on the actions of the authorities so far, he believes that no one will be held accountable, just as no one has been held accountable in the 18 years since the concession was awarded to "Vektra Jakić".
"In the meantime, the value of machinery and equipment is constantly declining and the question is for what amount it could now be sold, even though the ministry has the right to sell it immediately. Instead of selling, the ministry has allowed the conclusion of a contract with the owner Brković on the storage of the equipment, for an amount that could reach half of the value of the factory in the next five years. By the time the bankruptcy of 'Vektra Jakić' is resolved, Brković will receive a new pellet plant, and the machinery and equipment from the Abu Dhabi fund will represent scrap metal," he pointed out.
He added that he would not be surprised if the work of the authorities led to Brković returning to Pljevlja with machinery and equipment and continuing the concession contract.
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