EUR 200 million investment uncertain - Lamda from Greece sues Serbia?

It's been exactly 11 years since one of the greatest fashion brands of former Yugoslavia, Belgrade-based Beko, went bankrupt. Unlike debtors nowadays, whose debts usually exceed the value of their property, this textile plant paid what it owed to its creditors a long time ago, the Belgrade weekly magazine NIN reports.

Unfortunately, Beko holds one of the records for the longest-running bankruptcy proceedings whose end is still out of sight. Both former and current bankruptcy managers with whom NIN has talked agree that the conditions to schedule a final hearing and end the bankruptcy proceedings have not been met yet and won't be until all lawsuits over the sale of part of the property of this company are finished.

The buyer of Beko's main building at Kalemegdan, Greek company Lamda Development, claims that if the case is not resolved soon, it will file a lawsuit with the International Court of Arbitration as it has been banned from the property it bought for as many as seven years now, which also makes it impossible for Lamda to build the residential and business facility Belgrade Corner of 90,000 square meters on the site of the current factory.