According to Pobjeda daily, until yesterday, the Commercial Court didn’t receive any information that the Adriatic Properties company, the tenant of the hotels Kraljicina Plaza, Sveti Stefan and Milocer, had launched arbitration proceedings against the state at the London Court of International Arbitration.
Adriatic Properties is obliged to inform the Commercial Court about the start of the arbitration process in line with the temporary measure imposed by this court on 15 September. The measure prohibits the Government of Montenegro and Budva Riviera from undertaking actions at the expense of Adriatic Properties, including any changes to the property, whereas the tenant of Sveti Stefan was ordered to launch the arbitration process at the London court.
The temporary measure will be in force until the termination of the arbitration process.
Representatives of Adriatic Properties earlier announced that they were going to launch the arbitration process against the state as the new ruling majority didn’t allow the unhindered operations of the tourist complex Milocer and Sveti Stefan, including the associated traffic infrastructure, as guaranteed by the 2007 lease agreements.
