Custovic fails to pay money to take over Sarajevo giant – New offer for Hidrogradnja appears

A Bosnian businessman with an address in Germany, Halid Custovic, has not paid the money to take over the former Sarajevo giant Hidrogradnja even after two deadlines.

The first deadline for the payment of BAM 88 million was July 11, and the second deadline expired on August 12. However, as Klix.ba has learned, a new bidder has appeared - a company from Switzerland, which was originally interested in Hidrogradnja.

A new offer to buy the former bankrupt giant could completely change the course of the bankruptcy proceedings.

The Swiss company SAVAG societeachat+Vente S.A. has sent an official letter of intent to the Municipal Court in Sarajevo, in which it offers to pay the entire amount of over BAM 88 million, with a sharp warning about irregularities in connection with the currently selected bidder.

According to documents sent to the bankruptcy judge, bankruptcy administrator and the Creditors’ Committee, signed by lawyer Sanela Gorcic as the representative of the Swiss company, SAVAG is ready to immediately and in full pay the amount of BAM 88,067,552.50.

The letter explicitly states that the Swiss company, represented by director Stefano Rivetta, wants to independently purchase 100% of the ownership of Hidrogradnja. They have reportedly rejected previous proposals to enter into a partnership or consortium with the currently selected bidder, emphasizing that they assume full responsibility for the fulfillment of all obligations independently.

The Swiss company’s legal team strongly warns of the lack of transparency in the current procedure. They point out that the selected bidder, even after the deadline, has apparently not paid the purchase price, and that more than 60 days have passed since that moment.

– We believe that the deadlines and conditions of the public procedure cannot be arbitrarily changed or extended in a way that would allow a bidder to subsequently meet the conditions that it did not meet within the stipulated deadline... Such conduct calls into question the transparency and regularity of the procedure – the letter states.

In order to protect the bankruptcy estate and the interests of creditors, the Swiss company presents five specific requests in the letter:

– To clearly determine the status of the previously selected bidder (whether it has paid the money or not).

– If the money has not been paid, to adopt an appropriate act formally establishing that the sale to that bidder has not been realized.

– That the Board of Creditors urgently consider the new offer of the Swiss company at its meeting.

– That the bankruptcy trustee declare the possibility of taking their offer into consideration.

– That the bankruptcy judge be informed of this request and ensure the lawful continuation of the procedure.

The letter of intent was sent on August 12, 2026, and the Swiss company says that they are ready to provide bank guarantees and evidence of available funds in the accounts at any time.

Now it is up to the Municipal Court in Sarajevo, the bankruptcy trustee and the Board of Creditors, who will have to decide whether to end the agony of waiting for payment from the original bidder and accept the offer of the company that claims to have 88 million convertible marks ready.

Hidrogradnja

Halid Čustović

SAVAG societeachat plus Vente SA

Municipal Court in Sarajevo

sale of Hidrogradnja