"Vektra Jakić" is not for sale yet

The bankruptcy administration of the Pljevlja-based company "Vektra Jakić" has not yet published a new advertisement for the sale of the company, and the reason for the delay is the prosecution's action based on a criminal complaint filed by the company's owner. Dragan Brkovic filed against the bankruptcy administration, "Vijesti" unofficially learns.

According to reliable information, it was this procedure that slowed down the publication of a new advertisement, which will be published as soon as the prosecutor's office completes its activities on the report. The bankruptcy administration believes that the criminal report is unfounded and was filed in order to delay the procedure.

No bids were received for the previous advertisement for the sale of "Vektra Jakić" in bankruptcy, which the bankruptcy administration published at the end of March.

The company was offered for sale as a legal entity with all assets, and the starting and lowest price was 18,8 million euros excluding VAT. Since there were no interested buyers, a price correction is expected in the repeated procedure, which according to the law can be up to 20 percent lower.

The subject of the sale included the entire company with all immovable and movable assets, technological lines, equipment, spare parts, supplies, office furniture, tools and inventory. The selected bidder would have to submit a statement on the continuation of the activity before signing the contract, in order to exercise the right to non-taxation of the transfer of the company. The advertisement specified that upon the sale of the bankrupt debtor as a legal entity, the bankruptcy is terminated and that neither he nor his buyer will be liable to creditors for claims arising before the suspension of the procedure, and legal entities providing services of general interest cannot suspend their services due to old debts.

The advertisement for the sale of “Vektra Jakić” in bankruptcy, which was published by the bankruptcy administration at the end of March, did not receive any bids. The company was offered for sale as a legal entity with all assets, and the starting and lowest price was 18,8 million euros excluding VAT.

After the announcement was made, the owner and one of the largest creditors of "Vektra Jakić", Dragan Brković, reacted, claiming that he is the bankruptcy administrator of "Vektra Jakić". Dejan Keković illegally advertised the sale of the company for 18,8 million euros, with the intention of devaluing the assets and selling them to a buyer known in advance, to the detriment of creditors and owners. For this reason, he filed criminal charges against Keković and others with the Higher State Prosecutor's Office.

Brković claims that Keković improperly acknowledged a claim from the Hungarian OTP Bank of around 112,8 million euros, even though a dispute is pending before the Commercial Court in which “Vektra Jakić” disputes part of that claim. He also accuses him of failing to pursue several court proceedings of significant value and of hiring unprofessional appraisers who significantly undervalued the company’s assets.

According to the application, the property, which includes business premises, wood processing facilities and developed land, is valued at 13,5 million euros, although Brković believes its actual value exceeds 75,5 million euros.

Brković further claims that the goal was to sell the property to the Pljevlja Coal Mine at a significantly lower price, and that he supplemented the previously filed criminal complaint due to new alleged illegalities.

Brković's reaction was also responded to by former employees of the company, who claim that he is responsible for the collapse of the company, which once employed hundreds of workers and is now a symbol of industrial collapse.

Total claims against “Vektra Jakić” exceed 200 million euros. The largest individual creditor is OTP Bank with a claim of 112 million euros, while the state and former employees also have significant claims.

According to the cadastral data, the entire complex, which consists of about 150 thousand square meters of land and several buildings of the former Pljevlja wood processing factory, is now registered with OTP Bank as the sole owner. Among the larger debtors is the state, which claims money based on a loan in the amount of three million euros that the previous government allocated from the Abu Dhabi fund, as well as several million euros based on taxes and contributions. There are also significant claims from workers, to whom, as they claim, Brković is still owed 15 to 40 times his salary. Given that the entire property is under trust, all the money collected from the sale of “Vektra Jakić” will be allocated to OTP Bank and the state.

The first bankruptcy was filed in May 2004 for the former ŠIK “Velimir Jakić” corporation. 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. The first serious problems began to be noticed in 2008, when exports fell and debts to suppliers, the state and banks accumulated. Over the following years, the company became increasingly indebted, and a significant part of its assets was mortgaged and placed under trusts to secure loans. It became clear even then that the business was being maintained with constant new debts. In the period from 2015 to 2018, the problems became visible to both employees and the public. Salaries were late, contributions were not paid, and production was gradually decreasing.

Workers have repeatedly protested over unpaid wages and are demanding a response from the state. At the end of 2018, production at the plants ceased, and the company entered a long-term freeze on its accounts. At the same time, debts to the state for taxes, contributions, and concessions for forest use are growing year after year. Creditors, including banks, the state, and employees, are initiating forced collection procedures, but due to the encumbrance of the property with mortgages and fiduciaries, collection is limited. After years of financial agony, at the proposal of the Revenue and Customs Administration, the Commercial Court opened bankruptcy proceedings at the end of 2023. Since the bankruptcy was opened, four bankruptcy administrators have changed.

The bankruptcy administration of “Vektra Jakić” last year sold the former administrative building of the company Građevinar, which has been used by the Basic Prosecutor's Office in Pljevlja for years, for 426.000 euros. The bankruptcy administration leased the asphalt base in the village of Bušnje to the Coal Mine last year for 10,7 thousand euros. Now the asphalt base is being sold, along with other assets of “Vektra Jakić”.