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Privatisation Agency rejects Uniworld’s settlement proposal
Belgrade,
28 October 2008
The Serbian Privatisation Agency declined Uniworld Holdings Ltd settlement proposal in the case of the privatisation of Srbija–Turist from Nis, deeming it unacceptable.
The statement adds that the proposal stipulates that the Agency is to confirm that Uniworld, who bought 70% of the socially owned capital of Srbija-Turist, has fulfilled their contractual obligations and obtained the right to ownership of 70% of the company’s shares, while Uniworld will withdraw its indemnification claim.
Bearing in mind that the unfulfilled obligations are the reason why the contract with Uniworld was terminated in the first place, the Privatisation Agency deemed this proposal unacceptable.
When the deadline for fulfilling obligations expired on June 30, 2006, the Agency informed Uniworld Holdings Ltd that their contract was terminated.
This is not the first time that Uniworld has acted as an unprincipled buyer on the Serbian market. The sale contract for Putnik from Belgrade was terminated in May 2003 since the same buyer failed to fulfil their contractual obligations, the statement adds.
The Privatisation Agency expressed their conviction that Uniworld’s proposal is simply a way to evade international arbitration, which would support termination of the contract.
Bearing in mind that the unfulfilled obligations are the reason why the contract with Uniworld was terminated in the first place, the Privatisation Agency deemed this proposal unacceptable.
When the deadline for fulfilling obligations expired on June 30, 2006, the Agency informed Uniworld Holdings Ltd that their contract was terminated.
This is not the first time that Uniworld has acted as an unprincipled buyer on the Serbian market. The sale contract for Putnik from Belgrade was terminated in May 2003 since the same buyer failed to fulfil their contractual obligations, the statement adds.
The Privatisation Agency expressed their conviction that Uniworld’s proposal is simply a way to evade international arbitration, which would support termination of the contract.
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