Sale of "Venčac" cancelled, Milovan Vulićević invested €1.5m

Higher Court of Trade in Belgrade gave a verdict that confirms breaking of the sales contract signed between the Privatization Agency and consortium (Milovan Vulićević - Božidar Petković) that bought "Venčac" on the auction held on September 30, 2003, for 68 million CSD.

Now, 70% of the assets will be returned to "the stock fund", about 27% of stocks will be in the posession of minor stockholders of the company and 3% of the stocks will remain the property of Milovan Vulićević. There are already 14 companies from all over Europe and one domestic company interested in procurement of "Venčac".

Milovan Vulićević invested €1.5m in "Venčac" and he will ask for revision of the process and protection of his property at the court.