Ulcinjska Rivijera AD was paid funds in the amount of 600.000 euros, which were withdrawn from the company's account at the end of last year pursuant to a 2019 ruling in favor of the "Atlas Mont" investment fund, managed by "Quantum Investments".
This was announced by the director of the Ulcinj Riviera, Armend Mila, and added that these funds will enable the settlement of arrears of wages to workers and the quality completion of preparations for the start of the new tourist season.
"It is important to note that '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 Plaza in 2017. All dissenting minority shareholders who submitted a written notification of their intention to exercise the right to purchase shares at market value within the legal deadline claimed the right to compensation for their claims," the statement said.
As he said, this issue was raised at the last session of the Government last Thursday, when the Information was adopted stating that it was necessary to implement the conclusion from 2019, which tasked the then Ministry of Sustainable Development and Tourism and the Ministry of Finance with monitoring the remaining court cases based on claims for the exercise of minority shareholder rights.
In accordance with the judgments that are due for execution, the statement says, the Ministry of Finance is successively redirecting money from the Ministry of Sustainable Development and Tourism to cover the costs of compensation to minority shareholders of AD Ulcinjska Rivijera.
"We owe extraordinary gratitude to the Ministry of Tourism, headed by Minister Simonida Kordić, the Government of Montenegro, as well as to everyone who was involved in this process," Mila concluded.
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