The Business Court in Bijelo Polje has refused the complaint from the Balkan Energy Company to the decision of the trustee in bankruptcy of the Lignite Mine in Berane to sell the property of the company to the British company Global Steel for €2 million.
"Last Monday, we have received the decision of the Business Court, stating that the complaint made by the Balkan Energy was groundless. However, the Court stated that sale of the Mine shall be postponed pending the final decision of the Appellate Court in Podgorica," Dusan Bugarin, the trustee in bankruptcy of the Mine has told agency Mina-business today.
On April 19, Bugarin made the decision on acceptance of the bid presented by the Global Steel, while the other bidder, company Balkan Energy, was entitled to lodge a complaint to this decision.
Bugarin explained that he would find out whether the Balkan Energy complained to the Appellate Court in Podgorica next week.
The British company, Global Steel, ownership of Pramod Mittal, intends to invest about €500 million over the next ten years. Of that sum, about €120 million would be invested into the mine and the rest into construction of a thermo-block.
The request of the Global Steel not to pay customs duties and value added and profit tax in the next ten years, and providing of land for construction of the thermo block free of charge or under favourable conditions shall not be accepted, Bugarin said.
"No reasonable person would accept it," he said, adding that the contract on sale would be signed without that segment of the British bid, in case the Global Steel accepted it. "If not, it shall lose the deposit of € 100,000", Bugarin said.
The Business Court in Bijelo Polje has refused the complaint from the Balkan Energy Company to the decision of the trustee in bankruptcy of the Lignite Mine in Berane to sell the property of the company to the British company Global Steel for €2 million.
