CEAC is suing MNE in Cyprus for hundreds of millions of euros in compensation

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Central European Aluminum Company, CEAC, majority owner and one of the largest creditors of KAP, based in Cyprus, announced that it has launched a civil lawsuit against the state of Montenegro, KAP Trustee Veselin Perisic and Crna Gora Bonus llc. In the Cypriot courts.

The case, as they explained, refers to CEAC investments in KAP and the company’s attempts to seek a remedy for unlawful appropriation of these investments by the Government of Montenegro.

Although the request has not yet been made public, CEAC said it will seek compensation worth hundreds of millions of euros.

CEAC will argue in the lawsuit that Montenegro committed fraud by allegedly premeditating to make CEAC invest as much money as possible into KAP operations, with the intention of then taking over CEAC’s property without compensation.

Commenting the lawsuit, CEAC director for corporate affairs Andrej Petrushinin said the company has repeatedly asked Montenegro to sit down with them to find a fair solution on the dispute.

“But we have constantly been rejected. We had no other choice but to seek redress. Bearing in mind the problems plaguing the judicial system of Montenegro and the lack of a clear separation of power, we feel a fair trial is not guaranteed in Montenegro, which is why we were forced to forward our case to the courts in Cyprus, where our company is based. We are confident that the Cyprus court took our request seriously and we are convinced of the fair and equitable hearing that we were denied in Montenegro”, he said.

CEAC has stated that it remains committed to an open and amicable solution to the dispute over KAP with the Government of Montenegro.

Source: Cafe Del Montenegro