Breaking of contract on privatization of "Šinvoz"

Yesterday (January 31, 2008), Privatization Agency broken the sales contract with a businessman from Belgrade, Nebojša Ivković, the owner of 70% of stocks of Zrenjanin-based "Šinvoz".

After the inspection and audit that was carried out in the Zrenjanin company, of which workers went on strike few months ago, it has been determined that the contract obligation were not met and that the investment program failed to be carried out.

On the occasion of purchase of 70% of assets of "Šinvoz" (April 24, 2004), Nebojša Ivković promised to invest 17.9m RSD within 12 months and to submit certificate of investments to the authorized agency within 13 months.

Privatization Agency sent a warning note to Ivković on January 18, 2008, and gave him additional time to meet his obligations. According to the announcement of the Privatization Agency, the contract is broken because the contract obligations were not fulfilled even in the additional period. Privatization Agency will submit the decision about transfer of capital of stock company "Šinvoz", which was the subject of sale, to the Share Fund.