Russian Investor Failed to Fulfill Contractual Obligations, Government Demanded Transfer of Shares in RBN and KAP

Since the Russian investors have failed to fulfill the contractual obligations, the Montenegrin government demands that their KAP and RBN shares are transferred to the state. After the statement made by the Chairman of the KAP board directors, Alexey Kuznetsov, the Montenegrin Government underlined the following:

The Government has fulfilled all its contractual obligations, including the one related to electricity subsidies.

The En Plus Group and CEAC did not act in accordance with this provision, which led to the 32 million EUR debt.

On March 1, the CEAC was informed that Montenegro requested the En Plus Group and CEAC to transfer their shares to the state.

In case of a negative response, the Government of Montenegro will have to take the legal steps in order to protect the state interests. The legal steps may include initiating the process in the Vienna Arbitration Tribunal.

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