The case of the Pančevo-based Azotara fertilizer plant has apparently gone beyond the issue of debt settlement between creditor and debtor. According to findings by Forbes Serbia, the dispute between the two sides has also reached the Office of Foreign Assets Control (OFAC), with which Serbia already faces issues related to Russian ownership in NIS. The development follows suspicions raised by the American company Nitron Group regarding alleged illegal activities and potential corruption.
As Forbes Serbia reported yesterday, due to a debt of 16.7 million dollars, Nitron Group registered a pledge over the entire stake owned by the Novi Sad-based company Promist in the Pančevo Azotara plant. The company is also seeking an additional 6.8 million dollars, bringing the total claim to 23.5 million dollars.
The pledge was registered based on a decision by a public enforcement officer and a ruling of the Commercial Court in Novi Sad, but a sudden reversal followed just one day after the registration. Namely, following an appeal filed by Promist, the court amended its original decision and accepted the appeal, Forbes Serbia reports.
Since an appeal does not postpone enforcement, the pledge has already been entered into the Pledge Registry. At the time of publication, it remains active in the registry. The new court decision ordering the deletion of the pledge has apparently not yet been formally implemented.
Forbes Serbia also learned yesterday that Promist has not repaid its debt to Nitron, although it was logical to assume that debt repayment had been the reason behind lifting the pledge and unblocking the company’s accounts. This was also confirmed by representatives of Nitron.
Forbes Serbia investigated the grounds on which the Commercial Court in Novi Sad amended its decision on registering the pledge. It should be recalled that the registration of this right means that Promist — the sole owner of Azotara — cannot sell, transfer, mortgage, or otherwise dispose of Azotara until the debt owed to Nitron is fully settled.
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Source: N1, Foto: HIP Azotara