News in English     | 20.02.2020. 18:19 |

Džindić: FBiH Government will not support lease agreement with Abraham Group

FENA Adriana Domazet

MOSTAR, February 20 (FENA) - The FBiH Minister of Energy, Mining and Industry Nermin Džindić said on Thursday in Mostar that the FBiH Government at tomorrow's session of the Aluminij Mostar Shareholders Assembly will not accept the lease agreement with the Abraham Group.

“Stipo Buljan will represent the Government of the FBiH on behalf of the Ministry of Energy, Mining and Industry, whom we have obliged to vote against the lease agreement with the Abraham Group.

We received a lease agreement last week, and before that the Aluminij Supervisory Board approved and agreed to that agreement. They, however, made a procedural error; instead of "Aluminij Industry" they gave consent to the agreement between "Aluminij Mostar Ltd. and the Abraham Group,” said Džindić at a press conference in Mostar.

According to him, there are a number of technical errors about the lease agreement and therefore this agreement is unacceptable to the FBiH Government.

“There are several errors in the agreement, from the mistake in the name to the annexes that are mentioned. For example, certain annexes are mentioned in the agreement, and in the end, Annex A is mentioned and then in the English version, it is said that the annex would be added subsequently, etc.,” explained Džindić.

He also stressed that the Management, the Supervisory Board and all participants in the decision-making process will be given 30 days to correct the errors and return them to the FBiH Government.

Džindić recalled a memorandum received by the FBiH Government from the Abraham Group at the end of 2019 and, after a detailed discussion, sent a memo listing all the items that were not acceptable to the Government.

“Subsequently, in early 2020, we received a new document from the Abraham Group, called the Final Lease Memorandum, which provided answers to our questions and remarks, but essentially the requests remained almost the same as in the first memorandum. Therefore, a letter on the inadmissibility of the elements of the memorandum will be submitted to the Abraham Group,” said Minister Džindić.

He called on representatives of the Abraham Group to propose to the FBiH Government, in accordance with all the existing laws, a new model of cooperation.

“We are in favor of protecting the capital, future jobs, because under this agreement, unfortunately, this will not happen. Our goal is first and foremost to ensure that the partner who comes will guarantee the retention of jobs, not that the signatory of the agreement be a company that is neither registered in the tax administration nor has an account with the bank,” Džindić said.

Asked what would happen if Aluminij’s small shareholders, which hold 44 percent of the capital, and the Republic of Croatia with a 12 percent stake, accept the agreement, Minister Džindić said that the FBiH government would be outvoted in that case.

“It would not be the first time. I found out from the media who the new director of Aluminij is and I have not yet met him or participated in the appointment process, as it was the case in all the previous appointments,” Džindić said.

The Mostar-based Aluminij production facilities were shut down on July 10, 2019, after the company was disconnected from the power grid due to accumulated debt.

The Government of the Federation of Bosnia and Herzegovina is the largest single owner of Aluminij Mostar with 44 percent of the shares, with same amount being held by small shareholders, while the Government of the Republic of Croatia owns the remaining 12 percent of the shares.

An extraordinary general assembly of Aluminij shareholders is scheduled for Friday, February 21, and the shareholders will have a chance to decide to accept the lease agreement for a part of the assets of Aluminij Mostar with the company M.T. Abraham Group S.A.

(FENA) S. R.

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