Sveti Marko Island again on auction, company "Putnik" expects price higher than 16.7m EUR

Sveti Marko Island near Tivat, the property of Belgrade-based company "Putnik" should have obtained the new owner at the beginning of September 2006 on the public auction, which would have made it possible for "Putnik" to come out of the crisis and to become solvent.

Instead, the Primary Court in Kotor, after the charges pressed by American company "Uniworld Holdings", placed ban on sale on two occasions, whereas the Higher court in Podgorica cancelled that decision both times.

Finally, at the beginning of this week, Kotor-based Court rejected the proposal of company "Uniworld Holdings" for passing of the temporary measure as disallowed, on the basis of which the Privatization Agency will set the new date for the sale of the island.

"Sveti Marko" island occupies about 30 ha of once organized space with about 5,000 square meters of lodging capacities and it is the last island at the Montenegrin Riviera intended for sale. Therefore, "Putnik" expects that the starting price of 16.7m EUR will be surpassed at the public auction.