The Ministry of Transport and Maritime Affairs announced that the dispute over the unilateral termination of the Contract on sale of shares of the Bar Marina ended in favour of the Government of Montenegro.
Following the receipt of the Notice of Unilateral Termination of the Agreement, one of the members of the Consortium with which the agreement was signed – SIA Multicapitals, initiated arbitration proceedings against the State and the Investment and Development Fund (IRF), the Pension Insurance Fund and Employment Agency of Montenegro (ZZZCG).
“By unilateral termination of the agreement with an investor who failed to fulfil obligations in accordance with the agreement on sale of shares, the authorities showed responsibility towards the majority state- owned property,” the Ministry of Transport and Maritime Affairs said.
