The Appellate Court upheld the appeal of Oleg Derpaska’s CEAC Holding Limited company and abolished the decision of the president of the Commercial Court and the bankruptcy judge, Blazo Jovanic. Jovanic earlier rejected CEAC’s request that he, as the bankruptcy judge, instruct the bankruptcy trustee of the Podgorica-based Aluminium Plant (KAP), Veselin Perisic, to initiate the collection of €8.72m from the state, writes Vijesti.
Deripaska requested the bankruptcy administration to collect the money on the basis of the Vienna-based Court of Arbitration’s ruling, referring to unpaid subsidies for electricity under a contract between the government and the CEAC from 2009. That money would go to the bankruptcy estate from which the creditors are to be paid.
