The representatives of minority shareholders of Barska plovidba AD Bar have responded to the article titled “Radulović: The Government plans to save Crnogorska plovidba by leasing two ships to Barska plovidba,” which was published on the Vijesti portal today.

We present their full response:

“The minority shareholders of Barska plovidba will stand against the ongoing detrimental and neglectful approach towards Barska plovidba by all prior administrations, including this latest government, which seeks to utilize Barska plovidba’s shareholders’ funds to settle Crnogorska plovidba’s overdue loans and to impose nine additional employees along with five new Board members through an agreement for business and technical cooperation with Crnogorska plovidba.”

The entire Montenegrin public has been observing for over seven years our warnings about the repercussions of a series of harmful choices made by the State as a shareholder for Barska plovidba. Thus far, no accountability has been taken. We have persistently requested that operations be streamlined, redundant personnel be managed, and that shipping companies undergo restructuring, ensuring Montenegrin taxpayers are not burdened with repaying loans for ship acquisitions or subsidizing the salaries of political affiliates and numerous board members. Nowhere globally is the repayment of others’ debts aligned with the interests of those compensating those debts.

We wish to emphatically highlight to the Montenegrin public that the proposed solution conflicts with the interests of Barska plovidba’s minority shareholders (who hold 48% ownership in the company). Furthermore, we assert that the proposed business and technical cooperation agreement between Barska plovidba and Crnogorska plovidba carries legal implications that entail conflict of interest. For this transaction to be deemed lawful, it must receive approval during the Shareholders’ Meeting by a majority of shareholders not in conflict of interest, i.e., those uninvolved with Crnogorska plovidba. We will continue to advocate for lawful business conduct and for decisions regarding Barska plovidba to be determined at its Shareholders’ Meeting, where legally authorized voters will decide—not the State unilaterally, as it intends.

“Finally, esteemed Minister Radulović, can this be executed as you envisioned it during your academic years?” the response concludes.

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