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Cuprom submits demand for termination of RTB Bor sale contract
Belgrade,
18 April 2007
The Serbian Privatisation Agency stated that Cuprom president Horia Simu and director of Cuprom International Horia Pitulea, late last night submitted a notice to the Privatisation Agency expressing the intention to terminate the contract on sale of property and transfer of license of the mining and metallurgical complex RTB Bor.
According to the statement, representatives of the company Cuprom wish to terminate the contract allegedly due to important changes in conditions since the contract was signed.
The changes, according to Cuprom, are the resistance from local self-government and certain trade unions and the call for public demonstrations and civil disobedience, since the contract was signed. These conditions, Cuprom says, make it impossible to fulfill further obligations of the contract.
It is a very significant fact that the demand for termination of contract arrived on the day set as the deadline for submitting guarantee for payment, with objections citing difficult conditions which were never observed by the Privatisation Agency before, reads the statement.
The Privatisation Agency considers that there were no prominent changes in circumstances envisaged by the contract as alleged by Cuprom, and there are no obstacles in fulfilling obligations of the contract.
The Privatisation Agency expects that Cuprom will fulfill obligations undertaken through the contract.
The Privatisation Agency has acted according to the law and legal regulations in the best interest of all parties during the privatisation process of RTB Bor, which is one of the most important companies in Serbia, concludes the statement.
The changes, according to Cuprom, are the resistance from local self-government and certain trade unions and the call for public demonstrations and civil disobedience, since the contract was signed. These conditions, Cuprom says, make it impossible to fulfill further obligations of the contract.
It is a very significant fact that the demand for termination of contract arrived on the day set as the deadline for submitting guarantee for payment, with objections citing difficult conditions which were never observed by the Privatisation Agency before, reads the statement.
The Privatisation Agency considers that there were no prominent changes in circumstances envisaged by the contract as alleged by Cuprom, and there are no obstacles in fulfilling obligations of the contract.
The Privatisation Agency expects that Cuprom will fulfill obligations undertaken through the contract.
The Privatisation Agency has acted according to the law and legal regulations in the best interest of all parties during the privatisation process of RTB Bor, which is one of the most important companies in Serbia, concludes the statement.
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