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NewsThe former resort complex on the foam of the sea sold for...

The former resort complex on the foam of the sea sold for EUR 300,000

The former resort in the town of Vještica, which belonged to the former construction company OGP-Gorica, was sold at the end of August at a price of 305,888 euros to the company Profesional Medikal from Kotor. This complex, which contains about twenty houses and is located about a kilometer from the beach, was sold at a price of 65 euros per square meter, but the workers are not satisfied with the price, pointing out that the sale does not include the part of the plot on which there are parking, reception, kitchen, hall for dining, a summer garden as well as two houses, which is under dispute because it is owned by a natural person unknown to them.

At the last auction where this facility of the former company was sold, two companies, Profesional Medikal, which eventually bought the facility, as well as the company Universal Trade from Budva, whose offer was not accepted and amounted to EUR 289,000, applied for the purchase.

A group of workers is dissatisfied with the price and point out that the alleged absence of Urbanistic and Technical Huslov (UTU) was taken into account, which, they claim, is not possible given that the resort was built in the seventies of the last century, when it was impossible to build a facility without technical documentation. 

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The workers point out that the price has been reduced over time due to the construction of a collector in Budva in the immediate vicinity of the resort, but they point out that this is difficult to understand, given that in Podgorica there is a shopping center and an entire residential block in addition to the collector itself.

After the sale of the resort, the bankrupt company still owned 1,510 square meters of land near the Podgorica hotel, which was valued at around 150,000 EUR, although, according to their claims, there is also an additional 300 square meters missing, which were transferred to another owner. That land is allegedly “spoilt” and uninteresting to investors due to the impossibility of valorization, but also due to the proximity of the hotel, which has been declared a cultural asset.

The property of the company, which is located in Zabjelo in Ulica 4. jula, was sold a few years ago. That part of the property, of 3,301 square meters, was sold at a price of 83 euros per square meter, although a few years ago it was worth almost 10 times more, ie 1,799 euros per square meter or a total of 2,640,000 euros.

The workers and shareholders of this former company, 2,103 of them, emphasize that the assets of the company before entering bankruptcy were worth more than EUR 10 million, but that in the meantime they were sold off for nothing. However, at the end of 2017, all back wages were paid to the workers.

Shares are worth a third of a cent

Workers and shareholders protested on several occasions due to the impossibility of selling assets and collecting their claims. Dragan Smolović, the previous bankruptcy administrator, was recently dismissed. According to the workers, the shares of this company were worth between 80 and 90 cents in 2004.

However, by 2017, the value of the stock had fallen to just 1.5 cents. From then until today, the continuous decline in value has continued, so the shares of this company are now worth about a third of a cent. The assets of the company were sold at numerous auctions, and almost always when the value fell to a minimum, local media reports.

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