Untitled Document

NEWS

THE PRIVATIZATION AGENCY ACCEPTED THE ARGUMENTS OF TRADE UNION – MINEL ELVO, BEOGRAD
THE TIME-LIMIT HAS BEEN SET FOR THE BUYER, NAMELY, DECEMBER 21

Belgrade, January 5 2008
Trade Unions of ‘’Minel Elvo’’, Belgrade, together with their headquarters, have proved, for 8 months already, to the Privatization Agency that the buyer Dusimir Zabunovic didn’t fulfill any of the undertaken obligations provided for by the Purchase and Sales Contract. In only one year the buyer D. Zabunovic ‘’managed’’ to ruin completely one of the most successful companies and leave employees without their jobs and pays. Finally, after almost 8 months of presenting arguments and proofs, the Privatization Agency sent a Notification to the buyer D. Zabunovic that if he did not fulfill the obligations provided for by Annex 1. and Purchase and Sales Contract by December 21, 2007, the Contract would be deemed terminated due to non-fulfillment of obligations pursuant to Article 41a. of the Privatization Law. Also, after the inspection carried out, the Privatization Agency informed the Department for Combating Economic Crimes of the actions taken by the buyer.

A question is posed as to why it took the Privatization Agency 8 months to react. In eight months, the buyer took actions that would have unforeseeable consequences for ‘’Minel Elvo’’ and which would be impossible to remedy in the near future. If trade unions weren’t persistent, the Agency would certainly not have reacted in this way and ‘’Minel Elvo’’ would have experienced the destiny of many enterprises that disappeared from the map of economic entities after privatization was completed.

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