Electricity

Court unblocks A2A shares in Montenegrin power company EPCG

Photo: EPCG

Published

September 29, 2017

Country

Comments

0

Share

Published:

September 29, 2017

Country:

Comments:

0

Share

The High Court in Podgorica has decided to unblock shares of Italian company A2A in Montenegrin power company, Elektroprivreda Crne Gore (EPCG). The court previously blocked the shares of A2A over a proceeding against several former EPCG managers.

Montenegrin media reported that the chamber presided over by the president of the Higher Court in Podgorica, Boris Savić, has overturned earlier decision, thus abolishing the temporary measure of blocking the shares.

The Court blocked A2A’s shares this summer at the request of the Special Prosecutor’s Office, which in April 2016 launched an investigation against six EPCG managers on suspicion of misuse of official position and damaging the company for millions of Euros in favor of the Italian companies A2A, A2A Reti Elettriche and BAIN Milano.

A2A appealed court’s decision.

The investigation was initiated on the basis of documents submitted by the Parlament’s Committee on Economy in October 2014, after a control hearing on EPCG’s consulting contracts.

According to the documentation, contracts on consulting services signed by EPCG with A2A, A2A Reti Elettriche and BAIN Milano were concluded without public procurement procedure and mandatory decisions of the Board of Directors. Consulting services, according to the Montenegrin press, were worth around EUR 15,000,000.

Montenegrin officials said earlier that the court’s decision to block A2A shares will not jeopardize the takeover procedure launched in early July.

A2A officially launched the withdrawal procedure, after its contract expired on July 1, offering to the Government of Montenegro to take over its 41.7 percent of EPCG shares for EUR 250 million and to pay it in seven annual installments, as defined by the Put Option.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

coal-power-generation-eu

Fossil fuels returned as top energy source in EU power generation in 2021

01 July 2022 - Among renewable sources, the biggest increase in 2021 was seen in electricity produced from solar energy, 13%,

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.

net-loss-eps-q1

Serbia’s power utility EPS posts Q1 net loss of EUR 254 million

30 June 2022 - The state-owned power utility is blaming the poor result on a drop in output, electricity imports, and capped prices for end-consumers

EU agrees fossil fuel car ban as climate package talks are starting

EU agrees fossil fuel car ban as climate package talks are starting

29 June 2022 - The Council of the EU and European Parliament are set for talks on the Fit-for-55 package. Both agree new combustion engines should be banned by 2035.