The government is expected to soon pay around 600,000 EUR to the Ulcinj Riviera, which was withdrawn from the company’s account last year based on a final court ruling from 2019, according to the executive director of the hotel and tourism company, Armend Milla.
He explained that the funds were withdrawn in favor of the investment fund Atlas Mont, managed by DZU Quantum Investments.
“We are waiting for the payment because we need the funds to settle outstanding salaries for our employees and to properly complete preparations for the start of the new season,” Milla said in a statement.
This issue was discussed at the last government session, where the information was adopted, noting that it is necessary to implement the conclusion from 2019. The then Ministry of Sustainable Development and Tourism and the Ministry of Finance were tasked with monitoring the remaining lawsuits based on minority shareholder claims. The conclusion also provided that, based on the enforceable rulings, the Ministry of Finance should progressively redirect funds from the Ministry of Tourism to settle the costs of compensation to the minority shareholders.
According to the information, the legitimate expenses include the principal amount of 360,280 EUR, procedural costs of 3,500 EUR, default interest of 235,700 EUR, totaling 599,510 EUR.
When filing the lawsuit, Atlas Mont held 36,420 shares in Ulcinj Riviera. The information further explains that, with the approval of the Central Bank, the Fund sold a number of shares during the process, but Ulcinj Riviera did not receive the payment because they did not have a bank account to which the funds from the ruling could be transferred.
Atlas Mont was a minority shareholder in Ulcinj Riviera and disagreed with the decision to lease part of the company’s assets on the Great Beach for a long-term period in 2017. All dissenting minority shareholders who submitted a written notice of their intention to exercise their right to purchase shares at market value within the legal deadline, filed claims for compensation.
In 2017, Ulcinj Riviera leased the Olympic and Belvi hotels with annexes to the Karisma company for 30 years. Other minority shareholders settled their claims more than five years ago.
The owners of 181,070 shares who disagreed with the decision requested that Ulcinj Riviera pay them 10.5 EUR per share, the market value on the date of the shareholders’ meeting.
At the time, Ulcinj Riviera did not have the financial capacity to pay them, leading to legal proceedings that concluded with final rulings in favor of the minority shareholders.
