“Luštica Development” Company will pay 2% of the gross receipts or €1,37 million to the Government of Montenegro on the grounds of the Lease and Construction Agreement which defined the responsibilities of this company related to the disposal of the state-owned land.
This agreement defines the obligation of “Luštica Development” to pay to the Government the amount of “2% of the gross receipt and 3% for the invoiced water and sewerage system”.
In addition, the implementor of one of the most important tourism projects at the Montenegrin coast, new settlement Luštica in the bay Trašte, will pay the leasehold on the grounds of turnover, quarterly; 30 days after every quarter for the previous period.
Audit agency “Racio-Mont”, with the seat in Kolašin, carried out an audit and called on an expertise on the overall operation of the company in order to define the amount of gross receipt defined by the agreement.
According to the conclusions that the Government drew in December of 2017, “Luštica Developent” opened a special account at the bank “Societe Generale” and paid €1,5 million as an advance payment for the price of disposing the lot.
At the beginning of March, 2018, the Government gave the consent for issuing the so called “clausula intabulandi” statement which enables “Luštica Development” to dispose of the state-owned land without any restrictions.
Mixed company “Luštica Development” was founded in 2008. “Orascom Development Holding” has 90% of the share, whereas the remaining 10% belong to the Government. That same year, preparation for the construction of Luštica Bay settlement started out. It was announced as the greatest investment in Montenegro with around €1,1 billion worth investments. It will have over a thousand apartments, more than 500 villas and urban houses, seven hotels, two marines, golf course with 18 holes, trade amenities, a school, a kindergarten and a healthcare center.