15 October 2019
  • 12:02 IF YOU WANT TO GO BIG AS A DESTINATION, JOIN TOURISM AND GASTRONOMY
  • 11:51 Top Events in october
  • 11:04 HOT TOPICS in September 2019: North Macedonia and Albania get green light from German parliament; Croatia expects to join Schengen soon; Sarajevo holds its first Pride parade; EBERD wants to invest in Bosnia’s wind farms; Dubrovnik to introduce cruise tax; Kosovo’s instability keeps investors away
  • 12:21 Multilateralism is crucial but it is at risk
  • 11:29 Another luxury gem opens its doors on Montenegro’s coast

Croatian Minister of Justice Dražen Bošnjaković expects that London proceedings connected with the extradition of Ivica Todorić, the founder of Agrokor, will be finalised soon. How the extradition will be carried out in terms of technicalities remains open, since this depends on the agreement between the Croatian Ministry of Justice and adequate British authorities, said Bošnjaković, who believes the whole process could last between 10 and 20 days. Todorić appealed against the decision by the London court to extradite him to Croatia but was rejected. He subsequently asked for another opportunity to explain his side of the story to the court. He claims, among other things, that charges against him have been politically motivated. If his argument fails to persuade the court to change the ruling, the decision to extradite Todorić will become legally effective which would mean he will be handed over to Croatian authorities.

There is a high probability that almost EUR 70m of state guarantees for Uljanik, Croatia’s troubled shipmaker, will have to be activated, Croatian Finance Minister Zdravko Marić said. According to him, the guarantees can be payable immediately. On Friday, the European Commissioner for Competition Margrethe Vestager will visit Croatia, while Marić’s response to whether Uljanik is currently closer to the bankruptcy scenario or some other solution, was that the government, including the current one, didn’t deal with the company in recent years, emphasising it was in the hands of management boards, supervisory boards and, ultimately, its owners. “We can not expect an immediate solution regarding this company. We are taking into account different aspects, and I have repeatedly said the situation is not easy,” said Marić.

Following the takeover of over 60% of RTB Bor, Serbian copper and precious metal producer, the Chinese company Zijin Mining announced another take over: the Canadian mining company Nevsun Resources, which also runs operations in Serbia, namely within the project Čukara Peki in Bor. Zijin’s offer to the Nevsun’s shareholders is CAD 6 per share, totalling CAD 1.88bn or USD 1.41bn. Zijin president, Chen Jinghe, said the company plans to invest in further development of the Bor area. According to him, RTB Bor intends to invest USD 1.46bn,  but also pledges to invest USD 350m in recapitalization, and an additional USD 200m will be used to repay company’s old debts. Nevsun Resources is a 100% owner of the rights to acquire copper in the area of Čukar Peki – Gornja Zona, and at the same time it owns 60.4% of the rights to acquire copper in Donja Zona area. The company is also present in several other countries outside Canada, including Africa. Zijin will send a takeover bid to Nevsun shareholders by 18 September, and they will have 105 days to respond to the offer.

Adriatic Journal

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