Oleg Deripaska personally sued Montenegro

Oleg Deripaska  filed a lawsuit against the Montenegrin authorities on the case of investments in two local businesses. The businessman demands hundreds of millions of euros in compensation.
Origin source
Russian businessman Oleg Deripaska personally filed a lawsuit against the state of Montenegro, demanding compensation for the misappropriation of investment, according to "RIA Novosti" referring to the director of public relations of the Central European Aluminum Company (CEAC) Andrew Petrushinina. CEAC - a subsidiary of En + Group, whose president is Deripaska. Until mid-2013 the company operated businesses that were partially owned by a businessman in Montenegro.

According Petrushinina, Deripaska has sent a notice of arbitration "because of the illegal expropriation of their investments, and violations of the Montenegro government investment agreements". He did not mention the exact amount of the compensation required by the businessman, but noted that it was a "hundreds of millions of euros". Deripaska requires arbitration against Montenegro on the rules of the UN Commission on International Trade Law (UNCITRAL) and refers to the bilateral investment agreement between Russia and the Federal Republic of Yugoslavia, which was signed in 1995, said the official. According to him, the place of arbitration will be determined later.

We are talking about illegal, according to the opinion of the businessman, assigning investment in Podgorica Aluminum Plant (KAP) and the Bauxite Mine Niksic (RBN). As noted by "RIA Novosti", previously held 51% of the CAP in the total exports of the country and about 15% of GDP in Montenegro. Controlling stake in these two companies Deripaska bought in 2005 after a search by the authorities of the country of investments "for the salvation of those in poor condition state-owned enterprises." But then Montenegro, according Petrushinina, has undertaken a series of actions "to bring the company out of his control." "Montenegro has finally led to the fact that the CAP in 2013 was declared illiquid. This measure eliminated the full value of Mr. Deripaska's investment. Until today, Mr Deripaska has not received any compensation from Montenegro, "- said Petrushinin.

The plant itself in 2013 was declared bankrupt. His debt was estimated at € 350 million. Russian managers have left the company without receiving compensation.

In mid-November CEAC filed a lawsuit in Cyprus to Montenegro in the same case. The court also Deripaska's company filed for bankruptcy trustee Veselin Perisic drips and state Montenegrin company Montenegro Bonus. Last-mill for a year after the departure of the Russian management.

The agency notes that the Montenegrin authorities have denied guilt. In their version, dripping bankruptcy was legal.