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BAMC unlawfully seized shares of Sava Turizem d.d.

On Friday, 29 May 2015, BAMC has unlawfully and single-handedly seized from Sava d.d. 39,308,317 shares issued by Sava Turizem d.d., representing 99.05% of total shares of Sava Turizem d.d., with the aim of their further selling.

With the letter dated 28 May 2015, BAMC informed Sava d.d., which is undergoing preventive restructuring proceedings, about withdrawing its consent to cooperation in preventive restructuring proceedings and its intent of transferring the shares of Sava Turizem d.d. on itself.  Sava d.d. received this letter today, that is on 29 May. BAMC seized the shares in spite of the fact that the effects of the initiated preventive restructuring proceedings, which also include withholding of receivables’ maturity, still continue.

Pillaging of shares was carried out contrary to the provisions of the loan agreements and agreements on collateral, as the receivable of BAMC itself has not yet matured.  

The mentioned act is further contrary to the legislation, which determines the procedure of preventive restructuring and given the fact that the court proceedings have not yet been finalised, the pillaging of shares was not legally permissible and also not allowed.  

The seizure of shares was carried out without any suitable contractually defined notifications since BAMC failed to respect the contractually defined deadlines; moreover, it completely neglected the statutory legal effects of preventive restructuring proceedings, i.e. a moratorium on maturity of receivables.

This action has caused Sava d.d. material damage, and at the same time the remaining creditors of Sava d.d. have suffered damages, too. The seized shares namely represent important assets of Sava d.d., and the possibilities for repayment of other creditors have significantly deteriorated as a result of the mentioned act.

We are not familiar with the motifs and reasons for such an action on the part of BAMC. All communication by BAMC with Sava d.d. took place today and the motifs and reasons for this kind of action by BAMC d.d. could not be ascertained from the said communication.

Sava d.d.
Corporate Communications


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