Djukanovic: Victory is satisfaction for efforts during the arbitration

#MiloĐukanović #MontenegroSpecialitySteelsMnss #Recupero #AluminumPlantPodgoricaKap #Arbitration #SteelFactoryNiksic


Montenegro came out victorious from the arbitration that was initiated by Montenegro Specialty Steels MNSS and Recupero, former owners of the Steel factory, it was said by the prime minister Milo Djukanovic, and he also added that he believes the same will happen with the Aluminum Plant KAP.

He said that he’s glad that the Government got satisfaction for the efforts during the arbitration, it was reported by agency MINA-business.

“Arbitration gave us rights, Montenegro came out as a winner from this arbitration. I believe that the same outcome will be for KAP”, said Djukanovic to the reporters after the opening of the sixth 2BS Forum in Budva.

He said that in part of the Montenegrin public there were attacks on the Government regarding this matter, and those attacks had no valid arguments.

International center for solving international disputes ICSID in Paris decided at the benefit of Montenegro in relation with arbitration started by MNSS and Recupero, which demanded a payment of 100 million euros for the supposed damage.

Liquidation procedure in Steel factory in Niksic was started in 2011 at the request of it’s workers. Commercial court then rejected a reorganization plan proposed by MNSS after which a complaint was sent to the Appeal court.

Appeal court confirmed the verdict of the Commercial court of the bankruptcy of the Steel factory, which opened a path for the sale of the company.

The Steel factory in Niksic was bought by Turkish company Toscelik in May of 2012 for the price of 15.1 million euros.

Source: Cafe Del Montenegro