The Podgorica company "Global TS Montenegro" of former Thai Prime Minister, naturalized Montenegrin Taksin Šinavatra, which owns a part of the island of Sveti Nikola opposite Budva, continued to accumulate a loss in business, which has now reached 1,1 million euros.
Judging by the financial statement, which "Vijesti" had access to, and which Šinavatra's company submitted to the Tax Administration of Montenegro, the series of negative business results continued, so last year the company operated with a loss of 97.631 euros.
As "News" explained, that company regularly settles its tax obligations towards the state and the Municipality of Budva, to which it regularly pays real estate tax. The company has no income, since it has not been able to realize the project of building tourist facilities on the island for years.
The brake on the company's operations is certainly the indecision of the Government to do a detailed development of the island of Sveti Nikola, on which Šinavatra owns a third, and there are other owners whose land is also waiting for valorization. The special spatial plan for the coastal area envisages the urbanization of the island - the construction of hotel facilities with a total of 500 beds, as well as a marina with 50 berths. However, it is necessary to carry out detailed elaboration, in order to know exactly where and how much construction is planned.
Until that happens, Šinavatra's company will continue with negative operations and accumulate losses, which at the end of 2023, as written in the financial statement, reached 1.155.376 euros.
The fixed assets of the company remained unchanged and amount to 24.720.000 euros, long-term liabilities amount to 16 million euros.
In April 2017, "Global TS Montenegro" concluded a sales contract with the Podgorica company "San investments", which was backed by Serbian businessman Stanko Subotić Cane, which made it the owner of 37 square meters of land on the island of Sveti Nikola. Šinavatra paid 24 million euros for that valuable piece of the largest Montenegrin island.
Shinawatra was released on parole on February 18, his first day free in his homeland after 15 years on the run.
The influential billionaire, whose family party is still in power in Thailand, has been released from a prison hospital in Bangkok where he previously spent six months. Before that, the King of Thailand commuted his sentence for abuse of power and conflict of interest from eight years in prison to one.
Shinavatra (74) was eligible for parole due to his age, health condition and time spent in prison. He was Thailand's prime minister from 2001 to 2006, when he was overthrown in a military coup. He was then banned from politics and faced charges of tax fraud and abuse of power.
He spent the next 15 years in self-imposed exile abroad, claiming that the indictment was politically fabricated. He returned to Thailand in August last year to serve a reduced sentence. Although he was legally convicted in his country for corruption, he received a passport as an honorary citizen of Montenegro in 2009.
The island has always been interesting to investors
The island of Sveti Nikola, the only green oasis in the rebuilt Budva, has been a lure for numerous investors for almost two decades. Back in 2007, an attractive part of the island was sold to Subotica by Belgrade businessman, former JUL politician Nenad Đorđević.
Đorđević, who was the owner of as many as three attractive properties in Budva, the Hotel "Admiral", the old building of the Yugoslav river shipping company near the Old Town, and the southeastern part of the island, started construction on the popular Hawaii, or Školje, as the locals call it, without a building permit. . This was thwarted by the state, and in the summer of 2002, the inspection, accompanied by the police, demolished part of the building with dynamite. This revolted Đorđević, who had already wildly built a large beach, connected Školj with Školjić, a small island, thus cutting off the waterway and disrupting the sea currents, building a large pontoon and several single-story stone houses. He even populated the island with deer and other game, trying to turn it into a nature reserve and a luxury tourist resort. The state services managed by the DPS did not like that, so in 2007, Đorđević sold the island to Subotic's company for 20 million euros. Cane took a loan from Prva banka for the purchase. Đorđević then sells the building to JRB businessman Dragan Brković for three million euros, and then sells the hotel "Admiral", which has since changed owners, to Russian investors.
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