Hotel "Majestic" became property of a company from Iceland

Off-shore company from Iceland "Atlas ventura holding" has become the new majority owner of hotel "Majestic". The company took the package of 51.46% of stocks in "Majestic" from company "Atlas sistem" Belgrade. The price of the package of 51.46% of stocks of "Majestic" is about €2.23m and it is almost the same as the one at which "Atlas sistem" bought the package from minor stockholders few months ago.

The thing that stands out is that the names of both seller and buyer are quite similar. "Atlas ..." is a part of the names of both companies. Whether this transaction represents mere dislocation of the address of the one and the same capital can only be guessed.

According to the official data, 100% owner of "Atlas sistem", Belgrade, is businessman Duško Knežević. Judging by the text of the offer for takeover, "Atlas venture holding" is the company registered in October 2005 on Iceland and the manager of that company is Thomas Nig from Lichtenstein, whereas the owner is of-shore company "Ernest Nig Trust Management est". There is no information about the owner of company "Ernest Nig Trust Management est".

The price, by the way, of €2.23m for package of 51.46% of stocks of "Majestic" represents only the sum equal to the bookkeeping value of this prestigious Belgrade-based hotel. However, what is fact is that "Atlas" Belgrade, as well as "Atlas" Iceland now, carried out that procurement through the bidding process, which could have been entered by all other potential buyers. But, there was no other bidders in any of these three rounds.

The most difficult to understand is the absence of Share Fund in the sale of its package of 41.41% of stocks in "Majestic".