The Ulcinj Riviera has received €600,000, which was previously withdrawn from the company’s account late last year, in accordance with a 2019 court ruling in favor of the investment fund Atlas Mont, managed by Quantum Investments.
This was announced by the Director of Ulcinj Riviera, Armend Mila, who added that these funds will enable the settlement of overdue wages for employees and help complete preparations for the upcoming tourist season.
“It’s important to note that Atlas Mont was a minority shareholder in Ulcinj Riviera and disagreed with the long-term lease of part of the company’s property on Velika Plaža 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 claimed compensation for their demands,” the statement said.
According to Mila, this matter was discussed at the last Government session last Thursday, where an Information document was adopted, stating that the conclusion from 2019 must be implemented. At that time, the Ministry of Sustainable Development and Tourism and the Ministry of Finance were tasked with monitoring the remaining lawsuits related to minority shareholders’ rights.
In accordance with the rulings that become enforceable, the Ministry of Finance will successively redirect funds from the Ministry of Sustainable Development and Tourism to cover the compensation costs for the minority shareholders of Ulcinj Riviera.
“We owe great gratitude to the Ministry of Tourism, led by Minister Simonida Kordić, the Government of Montenegro, and everyone involved in this process,” concluded Mila.
