A villa in Miločerski Park pledged for a loan

Although this was expressly prohibited by the contract for the lease of the hotel "Kraljičina plaža", the hotel tourism company "Miločer" pledged the stone villa 600 in Miločerski Park as collateral.

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Hotel Kraljičina plaža, Photo: Vuk Lajović
Hotel Kraljičina plaža, Photo: Vuk Lajović
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

Although this was expressly prohibited by the contract for the lease of the hotel "Kraljičina Plaža", the Hotel Tourism Company (HTP) "Miločer" pledged the stone villa 600 in Miločerski Park as collateral for the loan that the government company took from Universal Capital Bank in 2016, whose is one of the owners of the company "Adriatic properties", the tenant of the elite hotel complex Sveti Stefan Miločer.

This is the executive director of HTP "Miločer" Igor Đurašević presented to the head of the Anti-corruption Department of the Ministry of Economic Development and Tourism Zvonk Saveljic at a meeting in that ministry.

What Đurašević stated as a paradox, stating how the previous management of this company worked, is that the government company even borrowed from the tenant, to whom it owes 448 thousand euros.

The board of directors of HTP "Miločer" after the 2020 business audit found numerous irregularities committed by the previous management, tasked Đurašević to file criminal charges both against the previous management of the government company and against government officials.

The company "Adriatic properties" of a Greek businessman with Montenegrin citizenship Petros Statis, leased an elite summer resort on a multi-decade lease, and on the site of the former "Queen's Beach", a new hotel with an annex - 66 apartments for the market - is springing up.

Đurašević presented at the meeting in the relevant ministry that the annex to the contract approved by the former government was "suicide for the company", because since then borrowing started.

"The property of HTP "Miločer" was leased to "Adriatic properties" in 2007, and according to that contract we charge an annual rent of 500 thousand euros, quarterly, and the real estate tax on the land is paid by the tenant. Also, the property of the company cannot be mortgaged to a third party. However, in 2012, an annex to the contract was signed, which reduced the rent to 350 euros per year, and the burden of real estate tax fell on HTP "Miločer". The annex to the contract was literally suicide for the company, after this the company can no longer service its obligations, it becomes unprofitable and starts borrowing", stated Đurašević.

As he presented in the relevant ministry, the borrowing of HTP "Miločer" starts from January 2016 with a loan of 750 thousand euros from Universal Capital Bank.

"The loan was refinanced in May 2018, and today the loan debt is 881 thousand euros. Not a single euro of principal was returned, only interest was paid. Villa 600 was given as collateral for that loan, which was expressly prohibited by the lease agreement. Also, in 2016, we started with loans from the tenant, to whom we currently owe 448.500 euros. The valuation of the property varies from 14 million to a decrease in the value of the company in 2019 to seven million euros. The realistic assessment of the company's assets, which we did in March of this year, is 34 million euros. It is important to note that HTP "Miločer" does not have a bank guarantee of 20 million euros from the bank - which is the basic element of the long-term lease agreement. Neither the ministry nor the Privatization Agency has a bank guarantee, which needs to be investigated urgently," Đurašević pointed out.

He emphasized that they owe 85 thousand euros to the compensation fund based on the sale of the "Panorama" hotel in Bečići.

"The real estate and land tax for 2019, 2020, and 2021 has not been paid and we expect a blockade based on that in the coming period. The amount of the tax debt is around 245 thousand euros", emphasized Đurašević.

We remind you of January 15, 2007, when the then Prime Minister's Government Željko Šturanović gave the green light to conclude a 30-year lease agreement for the Sveti Stefan Hotel, Villa Miločer and Kraljičina Plaža Hotel.

The signatures were then signed by the directors of HTP Budvanska Riviera and HTP Miločer, as well as representatives of Aidway investments limited from the British Virgin Islands, the Ministry of Tourism of the Government of Montenegro and Aman resorts management from the Netherlands.

According to the contract at that time, the guaranteed annual total rent is 1,6 million euros, but the contract also stipulates that the rent can be revised every third year.

The lessee undertook to keep the hotels open for a minimum of 11 months, but also to invest 50 million euros in the reconstruction of St. Stefan.

The Government of Montenegro, headed by the former Prime Minister Zdravko Krivokapić, after ten years, she removed the secrecy mark from the documents related to the lease of the hotels Sveti Stefan, Miločer and Kraljičina plaža.

Lawyer Ana Đukanović, the sister of the current president of the country Milo Đukanović, she wrote on November 6, 2012 to the then prime minister Igor Lukšić requesting to reduce the rent paid by "Adriatic properties" according to the contract.

After her letter, on November 29 of that year, the Government adopted the annex proposal for three hotels and sent it to the Assembly, which adopted the annex only after three years, because the then coalition consisting of DPS and SDP did not have a majority in the Assembly that would support that act .

Later, Đukanović's government received the support of part of the then Pozitivna and the annex for Sveti Stefan and Miločer was adopted at the end of July 2015. The annex for Kraljičina Beach was adopted half a year later.

With the annex for Sveti Stefan, the lease was extended for 12 years, until 2049, and the rent was reduced from 1,6 million to 1,1 million euros. With the annex for Kraljičina plaža, the lease was extended from 30 to 90 years and the construction of a condo hotel was made possible, i.e. half of the apartments will be for sale and half for hotel business.

Leader of the Positive Darko Pajović who ruled that the contract should be extended subsequently saved the Government Milo Đukanović, became the president of the Assembly, and then the ambassador of Montenegro to China.

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