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Sale contract for RTB Bor with Romanian company Cuprom terminated
Belgrade,
25 April 2007
The Serbian Privatisation Agency stated that today, due to failure of the Romanian company Cuprom to submit guarantee for payment within the extended deadline, the Privatisation Agency, in accordance with article 41 of the Law on Privatisation, terminated the contract with Cuprom for sale of the mining and metallurgical complex RTB Bor.
According to the statement, the Privatisation Agency will charge Cuprom payment of guarantee in the amount of $3 million.
The Privatisation Agency has acted in accordance with law, as it did previously in all processes of privatisation, and in the best interest of citizens and the state of Serbia.
We consider that all participants in the privatisation process of RTB Bor must act similarly and bring decisions in accordance with legal regulations. Only in that manner can we conduct the privatisation process within normal legal and market frameworks and preserve Serbia’s reputation among domestic and foreign investors, reads the statement.
The Privatisation Agency has acted in accordance with law, as it did previously in all processes of privatisation, and in the best interest of citizens and the state of Serbia.
We consider that all participants in the privatisation process of RTB Bor must act similarly and bring decisions in accordance with legal regulations. Only in that manner can we conduct the privatisation process within normal legal and market frameworks and preserve Serbia’s reputation among domestic and foreign investors, reads the statement.
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