Untitled Document

NEWS

END OF AGONY FOR ‘’SINVOZ’’ WORKERS, BANKRUPTCY PROCEEDINGS IN THE COMPANY CONTINUED
PURCHASE AND SALES CONTRACT WITH NEBOJSA IVKOVIC TERMINATED

Belgrade, February 8, 2008
The Privatization Agency of the Republic of Serbia terminated the Purchase and Sales Contract on the sale of ‘’Sinvoz’’ a.d., Zrenjanin with the buyer Nebojsa Ivkovic from Belgrade, on January 31, 2008.

The Agency communicated that it was established through monitoring the discharge of contractual obligations that the investment obligation in the company, being the subject of privatization, has neither been fulfilled in compliance with the Contract nor has the buyer discharged the stipulated obligations in the subsequent term.

Considering that in conformity with the Privatization Law, the Agency announced the termination of Purchase and Sales Contract and thereby discontinued the agony of ruin of a renowned company and suffering of its employees. By this act of contract termination, 44% of shares were returned to workers and shareholders of ‘’Sinvoz’’ a.d., while 56% of the shares belong to the State.

We hope that, by this contract termination, the State will give a new chance to workers, with a new majority owner, entrepreneur, who will care more for his workers and fulfill his obligations toward them with responsibility and in due course.

After all this, the discontinuance of the bankruptcy proceedings conducted in the Higher Commercial Court of Belgrade still remains.

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