The Central European aluminum company (CEAC) appealed to the Cypriot court with a claim to Montenegro by several hundred million euros. About it “RIA Novosti” was reported by the Director of public relations, TEAK Andrew Petrushinin.
“The subject of a new lawsuit basically will be the expropriation of property, TEAK and premeditated deception on the part of the state, which convinced ZEEK to invest as much money in KAP (aluminium Plant “Podgorica”) with the intention to then expropriate the property without compensation,” said Petrushinin.
He noted that “the exact amount of claims the company will be determined in the proceedings” and “will be measured in the hundreds of millions of euros”.
According to him, representatives of TEAK repeatedly tried to contact the authorities of Montenegro to search for an out of court settlement of the dispute, however, “are constantly met with refusal.”
“We had no choice but to demand compensation. Given the problems in the justice system of Montenegro, where there is no clear separation of powers, we are not guaranteed a fair trial in this country, so we had to take our demands to the court in Cyprus”, — said Petrosyan.
In addition, CEAC has filed a lawsuit against the bankruptcy Trustee Veselin Perisic CAP and a state-owned Montenegro Bonus, ran the plant for years after the withdrawal of the Russian management.
In 2014, the “daughter” En+ Oleg Deripaska, having headquarters in Cyprus, demanded the government of Montenegro €600 million For the state this amount is equivalent to almost 14% of GDP, but En+ agreed to receive compensation assets.
The company accused the authorities of violating the agreement via the CAP, where TEAK belonged 29,36%, resulting in the plant with debt of around €360 million went bankrupt, and TEAK out of business in Montenegro, without any compensation.