After the government did not approve either state aid or a loan, the majority state-owned company "Sveti Stefan Hotels", owner of the city hotel "Sveti Stefan" and the Villa "Miločer", requested a loan from the Public Company for Coastal Zone Management and the Hotel Group "Budvanska rivijera". The company has been in a disastrous financial situation since its tenant, the company "Adriatic Properties", has not paid the rent for the hotel complex.
This is stated in a series of letters that "Vijesti" has had access to. It does not specify how much money they need, but judging by the list of obligations, at least a million euros would solve their current situation because in addition to numerous tax obligations, they already owe three salaries to their employees.
As a reminder, the company “Adriatic Properties”, owned by businessman Petros Stathis, has not been paying rent, since it has been conducting a dispute worth one hundred million euros before an international tribunal in London for breach of contractual obligations. The government sued the tenant, who then retaliated with a lawsuit. Closing arguments before the tribunal were held at the end of July. The result of the dispute is that the city has been locked down for the fourth summer, including the hotel “Sveti Stefan” and Villa Miločer.
And "Sveti Stefan Hotels" first sent a call for help to the Government and the Prime Minister personally. Milojko Spajić.
"We are writing to you with a request to approve State aid or a loan to the Company in order to overcome the difficult situation the Company is in. We emphasize that the liquidity of the Company has been impaired by the failure to settle its obligations by the Lessee - doo 'Adriatic Properties' Budva, which you have been informed about in a series of previous letters," stated "Sveti Stefan hotels".
As they emphasized, they are unable to finance current liabilities.
"We will direct the funds from the approved state aid or loan to pay VAT, pay corporate income tax for 2024, pay real estate tax for 2024 and 2025, and cover the most necessary current expenses for the Company's liquidity, with strict rationalization of the same. In this way, through the payment of the above-mentioned items, the Company will make payments to the State Budget of legally prescribed obligations and settle its liabilities, and the approved state aid or loan will be returned from the first payment of the tenant," they stated in a letter to the Prime Minister.
After not receiving a response, "Sveti Stefan Hotels" sent identical letters to the Public Company for Coastal Zone Management, as well as to the "Budvanska rivijera" Hotel Group, stating the same reasons for the million-dollar loan.
As a reminder, the Municipality of Budva has blocked the city hotel and Villa Miločer, as well as the land complex, registered to "Sveti Stefan Hotels" because this company did not pay real estate tax for last year in the amount of 82 thousand euros.
"Mortgage in the total amount of 82.304,34 euros in favor of the Municipality of Budva. Decision on securing tax claims of the Local Public Revenue Administration of the Municipality of Budva, property of 'Sveti Stefan hotels'," it says in the real estate list that Vijesti had access to.
The quarterly installment that Adriatic Properties pays for HTP Miločer is 87 thousand euros, and 380 thousand euros is paid as quarterly rent for "Sveti Stefan hotels".
The tenant owes 1.555.475,28 euros as of June 30.6.2024, XNUMX.
And without loan guarantees
At the end of last year, Sveti Stefan hotels requested from the Ministry of Finance, which was confirmed to "Vijesti", that the government department approve a state guarantee for credit debt. However, they did not receive the green light from the minister. News of Vuković.
"The Ministry of Finance has received your letter requesting the approval of a state guarantee for a loan in the amount of 400.000 to 1.000.000 euros, in order to secure funds for current operations and maintain liquidity. Taking into account the difficulties faced by the Company, and regretting that due to the current circumstances the Company is unable to finance current liabilities, we hereby inform you that, pursuant to applicable legal provisions, there is no legal basis for approving the requested state guarantee. Namely, pursuant to Article 53 of the Law on Budget and Fiscal Responsibility, state guarantees may be approved exclusively for financing capital projects. As it is clear from your request that the funds from the requested credit arrangement would be directed to financing current liabilities, the Ministry of Finance is unable to issue consent for the approval of the said guarantee. At the same time, we inform you that the guarantee in question is not provided for in the Law on the Budget for 2025, which, in addition to the above, is one of the prerequisites for issuing a state guarantee," Vuković stated in his response.
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