Doubled value of Bran Mićunović's property

The company "Zeta film" of Nikšić businessman owns property worth 42,5 million euros

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Future hotel near the Old Town, Photo: Vuk Lajović
Future hotel near the Old Town, Photo: Vuk Lajović
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

Assets of the Budva company "Zeta Film", a businessman from Nikšić Branislav Mićunović, was estimated at the end of last year at 42,5 million euros, which is twice as much as in 2022.

This is stated in the company's financial statement submitted to the Tax Administration, which "Vijesti" had access to.

Mićunović's company with the partner company "Merit Montenegro" of Turkish businessmen is completing a luxury condo hotel with a casino "Merit Starlit Residence" on the site of the former "Zeta Filma" building, about a hundred meters from the Old Town in Budva.

The value of real estate managed by "Zeta Film" at the end of 2022 was 21,8 million euros, while in 2021 the property was valued at 11,2 million euros.

And while the construction of a multi-storey condo hotel with Turkish partners is hurriedly coming to an end, Mićunović's company continued with poor business results, ending last year in the red with a loss of 657.473 euros, which brought the total loss of "Zeta Film" to 2,8 million euros. .

And the year before that, in 2022, Mićunović's company had a minus in operations of 432.652 euros. And there were bad business results years before that, so in 2021 it ended with a loss of 173 thousand euros, in 2020 the loss was 176 thousand euros, in 2019 it was in a loss of 143 thousand euros, in 2018 the loss was 1,3 million, in 2017 it was with a minus of 33.751, and in 2016 with a negative net result of 27.395 euros.

Branislav Brano Mićunović
Branislav Brano Mićunovićphoto: Luka Zeković

The company's long-term liabilities are 13,2 million euros, of which long-term loans are 4,4 million euros.

On the site of the former dilapidated "Zeta Filma" building, a multi-story building has sprung up and the sale of apartments in the future condo hotel "Merit Starlit" is widely advertised. The hotel will have 44 hotel rooms, 49 residential apartments, and two restaurants, a spa and fitness center, as well as a casino.

According to the website, 30 out of 49 residential apartments have already been sold.

"Merit Starlit Hotel & Residence, a new project of Merit International, which is under construction in Montenegro, will soon become a new favorite destination in Budva. The Starlit building has 44 hotel rooms, 49 residential apartments - residences, two elegant restaurants, a rooftop lounge bar, a SPA and wellness center, a private beach and a casino. All 49 Merit Starlita residences enjoy a phenomenal view of the beautiful Adriatic Sea. Residents of Merit Starlita will be able to enjoy the privileges of our five-star hotel, 24 hours a day," the site says.

Back in October 2018, "Zeta Film" demolished the old "Zeta Film" building to the ground, and previously the Ministry of Sustainable Development issued them a building permit for the construction of a condo hotel with a total gross construction area of ​​15.123,32 square meters. At that time, the plan was to invest 16 million euros in the construction and furnishing of the condo hotel and casino.

Mićunović provided the money for the start of construction from the sale of a land complex of 6.000 square meters in Reževići, on the sea foam, to the Podgorica company "Savana commercial retail", a businessman Veselin Mijača, and allegedly collected about 3,8 million euros from this sale.

At the end of 2017, he also sold a land complex with two unfinished buildings in Mirište, not far from Sveti Stefan - above Miločerski Park.

At the end of 2021, "Zeta Film" paid the last installment on behalf of utilities for the construction of a condo hotel to the Municipality of Budva. "Zeta Film" paid its basic utility bills on time during the five years that the contract was concluded.

In December 2016, the Municipality of Budva and "Zeta Film" concluded an agreement on the settlement of utilities in installments. In the contract, "Zeta Film" undertook to pay a total of 794 euros in five annual installments for the construction of the condo hotel. Mićunović immediately paid a down payment of 2016 in 145.972,33, in order to pay a total of three annual installments of 2017 euros in 2018, 2019 and 129.753,18.

As a guarantee that he will settle the obligation by December 15, 2021, the businessman from Nikšić initially pledged an attractive land complex of 6.470 square meters in Reževići, on which the Municipality of Budva registered a mortgage in January 2017. However, after selling the land complex to Savana Commercial Retail, Mićunović then gave the Municipality a bank guarantee in the amount of 453 thousand euros, which he had left at that time, as a guarantee for the remaining utility debt.

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