Constitutional Court of Montenegro has dismissed the complaint brought by shareholders of Invest Bank Montenegro (IBM) by means of which they asked for the annulment of the decision rendered by the Central Bank of Montenegro regarding temporary management in the IBM, stating that the complaint has been filed by an unauthorized person.
The court’s decision is a proof that Central Bank of Montenegro has carried out the entire temporary management procedure in accordance with the law.
The complaint against the Central bank of Montenegro was filed by: Open investment fund “Atlas Mont”, Closed investment fund “Atlas Mont”, “Atlas Invest”, “Atlas Group” and “Centroprom” from Belgrade. They stated that temporary management in the IBM was unlawful.
On 19 July, Constitutional Court adopted decision stating that the complaint brought by IBM shareholders is dismissed.
As the court ruled, plaintiffs have no active legitimacy to initiate administrative procedure.
According to the legal provisions, shareholders are not entitled to initiate administrative procedure against the decision rendered in the procedure in which a bank appears as legal person with its own legal subjectivity. In addition, according to the Article, paragraph 2 of the Law on Business Organizations, “a joint-stock company shall be a legal person, and its assets and liabilities shall be totally separated from that of its shareholders”.
Decision on the introduction of temporary management in IBM was rendered on 7 December last year. The decision was soon followed by complaints and procedures initiated before Constitutional Court.
