The government is expected to transfer approximately 600 thousand euros to “Ulcinjska Riviera” shortly. This amount was previously withdrawn from the company’s account in favor of the Atlas Mont investment fund, which is managed by DZU “Quantum Investments,” pursuant to a final ruling from 2019.

This was confirmed to “Vijesti” by Armand Mila, the executive director of “Ulcinjska Riviera.”

“We anticipate the payment as we require the funds to settle outstanding wages for our workers and to properly finalize the preparations for the forthcoming season,” stated Mila.

This topic was discussed at the recent Government session last Thursday, where information was adopted indicating the need to enact the 2019 conclusion mandating the then Ministry of Sustainable Development and Tourism, alongside the Ministry of Finance, to oversee ongoing court cases concerning minority shareholders’ rights. In line with the enforceable judgments, the Ministry of Finance is gradually reallocating funds from the Ministry of Sustainable Development and Tourism to fulfill compensation obligations to minority shareholders of “Ulcinjska Riviera”.

“According to the obligations, legitimate costs include the principal amount of 360,275.08 euros, procedural expenses totaling 3,532.56 euros, and default interest of 235,700.57 euros, which cumulatively amounts to 599,508.21 euros,” the information specifies.

At the time of filing the lawsuit, “Atlas Mont” held 36,421 shares in “Ulcinjska Riviera.” The Information notes that during legal proceedings, with approval from the Central Bank, the fund sold a portion of its shares. Consequently, “Ulcinjska Riviera” was unable to enforce the judgment due to the absence of a bank account capable of receiving the awarded funds.

“Atlas Mont” was a minority shareholder in “Ulcinjska Riviera” and opposed the long-term leasing of part of the company’s assets on Velika Plaza in 2017. All minority shareholders who formally indicated their intention to exercise their right to purchase shares at market value within the designated legal timeframe sought compensation for their claims.

In 2017, “Ulcinjska Riviera” leased the “Olimpik” and “Belvi” hotels, along with their annexes, to Karizma for a 30-year period.

Other minority shareholders successfully claimed their compensations over five years ago.

The shareholders holding 181,073 shares, dissatisfied with the decision, petitioned “Ulcinjska Riviera” for 10.5 euros per share, reflecting the market value as per the Law on Business Companies, at the time of the Shareholders’ Meeting. Due to insufficient financial means at that time, the hotelier faced legal proceedings, culminating in final judgments favoring the minority shareholders.

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