The sale of “Bemax” was conducted in a legal, transparent manner and adhered to all relevant regulations. There is no legal justification for questioning the transaction price between private entities, stated the former owner and current Chairman of the Board, Veselin Kovačević.

Kovačević argues that any attempts to retroactively impose tax interpretations are unconstitutional and illegal. He emphasized that European practice clearly protects the right to conduct business freely and manage one’s property.

In response to Deputy Prime Minister for the Political System, Judiciary and Anti-Corruption, Momo Koprivica, who claimed that “Bemax” would owe the state 28.4 million euros in avoided capital gains tax and accrued interest, Kovačević described this as “political marketing rather than a legal matter.”

“As the former owner, I feel compelled to provide a comprehensive and legally sound reply to the inaccurate and politically charged accusations regarding a supposed tax debt of 28.4 million euros made by Deputy Prime Minister Koprivica. His statements exemplify the misuse of state functions for electoral purposes, grounded in incorrect interpretations that fail to reflect either the actual situation or the legal environment in Montenegro. The only motivation behind Koprivica’s comments on social media appears to be an attempt to boost the anemic approval ratings of the Democrats in Nikšić by an additional 200 votes,” Kovačević stated.

He maintained that “Bemax” never sought to evade tax responsibilities; rather, all business operations, including the sale of ownership stakes, were conducted in accordance with the laws and regulations in place at the time.

“At the time of signing the contract, no governing body raised any issues regarding potential irregularities. Consequently, BEMAX exercised its legal right to appeal to the appropriate court that has the sole authority to make final judgments in such cases. Furthermore, until today, Koprivica claimed that Veselin Kovačević was the ‘debtor’ of the tax, but now it’s BEMAX. This appears to be a more sensational narrative. However, European regulations, the Constitution, and existing laws tell a different story,” he added.

Kovačević underscored that “the right to manage private property is inviolable.”

“Every individual’s right to manage their property is safeguarded by Article 1 of the First Protocol to the European Convention on Human Rights. The European Court of Human Rights (ECHR), in cases such as ‘Pressos Compania Naviera SA and others v. Belgium’ (1995), ‘Beyeler v. Italy’ (2000), and ‘Broniowski v. Poland’ (2004), has established that the state cannot arbitrarily restrict the right to private property or interfere in lawful private transactions. As a privately owned company, BEMAX was under my ownership, and I had every right to manage it according to the law and my business interests, including the option to sell it at a negotiated market price or offer it for free if I chose. No governmental entity, including the Deputy Prime Minister, has the jurisdiction to judge the ‘fairness’ of such a price,” Kovačević asserted.

He also stated that retroactive actions in tax procedures are “illegal and unconstitutional.”

“The initiative from Momo Koprivica in June 2024, later articulated in a statement published on March 10, 2025, and subsequently reiterated a month later on social media, aims to insinuate that irregularities existed in the completed company sale, which was in compliance with then-current regulations. However, the Tax Administration issued a decision in January 2025 that confirmed no irregularities were found at that time. The ECHR, in ‘MA v. Finland’ (2003), stipulates that retroactive application of laws impacting tax obligations must undergo a rigorous test of proportionality and foreseeability, otherwise, it infringes upon Article 6 (right to a fair trial) and Article 1 of Protocol 1 (right to property). In this instance, the sale was lawful, and any retroactive tax interpretation could destabilize the business environment and legal certainty,” Kovačević explained.

He emphasized that market freedom and voluntary contracts are foundational to economic prosperity.

“In the European Union, which Montenegro aspires to join, freedom of enterprise is enshrined in Article 16 of the EU Charter of Fundamental Rights. In market economies, prices agreed upon by two parties reflect their respective evaluations of value and should not be subject to later scrutiny by third parties. It is preposterous for the state to arbitrate prices among private individuals. The European Commission consistently highlights the detrimental effects of political interference in private economic relations in its progress reports on candidate nations. Such actions dissuade investment and undermine confidence in the rule of law. Notably, Montenegro has previously sold its own companies at prices below their book value, with no one in authority questioning the ‘fairness’ of those sales,” he concluded.

Kovačević insisted that “Bemax” operated transparently and lawfully.

“BEMAX has consistently appeared on the Tax Administration’s White List, diligently meeting all its tax obligations, and serves as an example of responsible business practices. The company has integrated European standards within Montenegro’s construction sector, contributed to infrastructure development, and employed hundreds of workers while fully respecting their rights. Any attempt to challenge its operations for political reasons is an assault on one of the rare companies that emerged from the Montenegrin business landscape without relying on state subsidies or advantages,” the response to Koprivica concluded.

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