English

Knežević might pay 10 million EUR to the Government

Duško Knežević

Consortium of “Meljine Complex” obliged itself by contract that it won’t initiate bankruptcy of that company and it provided a warranty for that, in the amount of 10 million EUR. The Government of Montenegro can now charge it.

This provision of the contract was breached on August, 9, when the Commercial Court initiated bankruptcy proceedings in relation to the company owned by businessman Duško Knežević because it’s been blocked for more than two years and it couldn’t settle the obligations towards its creditors.

“The buyer is obliged not to initiate bankruptcy, liquidation proceedings or implementation of compulsory administration in relation to the company or newly founded companies which belong to “Meljine Complex”. In case this obligation is violated, the seller can terminate the contract and request compensation for damages”, says the contract signed in June, 18, 2008.

The liquidation proceedings started at the request of the CEO Olivera Mihajlović – Elez who couldn’t charge 19.040 EUR on the account of unsettled earnings, taxes and contributions. The Government has already instigated proceedings against Knežević because he failed to implement investment program. In order to charge this warranty, it will have to file another lawsuit.

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