Published On: Tue, Oct 14th, 2014

Montenegro’s PM and Others Sued over Bankrupt Aluminum Plant

The Energy Agenda in 2011: Oleg V. Deripaska

Vice President of the Parliament of Montenegro, Branko Radulovic is suing 32 individuals, including professors, business leaders, judges and the Prime Minister for abuses that may have led to the bankruptcy of a company that was once the country’s largest exporter, Aluminum Plant Padgorica (KAP), as reported by Rapsi.  Among those being sued are Russian businessman Oleg Deripaska and Prime Minister of Montenegro Milo Djukanovic.

Deripaska+EN bought a stake in KAP in 2005. By 2013, the government of Montenegro initiated bankruptcy proceedings over the company’s debt. KAP was then sold to Uniprom, which is owned by Veselin Pejovic. The Central European Aluminum Company (CEAC), owned by Deripaska, says the sale of KAP was illegal. A Cyrpus court issued an injunction on KAP’s assets and operations.

Radulovic smells a rat with the bankruptcy of KAP, and is suing 32 people over suspicious activity at the plant stemming from 1990.

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