Chifliganec buys Toplifikacija three times cheaper than the real value, shareholders react

Te-To will provide additional quantities of electricity for another two months / Photo: MIA

The shareholders' association in "Toplifikacija", the company for which it was announced that is bought by the businessman Vancho Chifliganec, responds to sales. They say that until 2017, the joint stock company had positive financial results, which is the only case in the region.

"Toplifikacija AD in cooperation with the foreign partner in the period 2007-2011 realized the first private energy facility in the region, TE-TO AD in which electricity and heat are produced simultaneously. The value of the investment is around 170m euros. The whole activity from the project idea supported by studies for the project until obtaining the use permit in February 2012, most of the activities related to changing the local legislation, overcoming the resistance of the state institutions and providing local support to the project was realized by Toplifikacija AD. "Today, this facility produces about 35% of the production of thermal power plants in the country." say shareholders.

They add that "Toplifikacija" accumulated debts after the debts were written off to TE-TO AD, without the consent of the minority shareholder.

"In December 2017, with the verdict of the Supreme Court of RSM, Toplifikacija AD won the key lawsuit with TE-TO AD. According to the decision of the Supreme Court and in accordance with the public recognition of TE-TO AD, the company should pay to Toplifikacija AD 28 million euros with market interest rates as of March 01.03.2018, 150. With the help of powerful structures in the country, TE-TO AD realizes bankruptcy on its own and writes off debts of TE-TO AD in the amount of over 35 million euros, using agreements between interested parties. The procedure through which this activity is realized can not be carried out without the consent of Toplifikacija AD as a minority shareholder in TE-TO AD. Although this should be known to every law student who has passed Commercial Law, the powerful structures realize the bankruptcy of TE-TO AD without the basic condition that the agreements between the main shareholder of TE TO AD and TE TO AD be approved by the minority shareholder, Toplifikacija JSC at the shareholders' meeting. With the procedure of the illegal bankruptcy of TE TO AD which starts two days after the verdict of the Supreme Court, Toplifikacija AD is directly damaged by over XNUMX million euros with calculated market interest rates on the debt until today. In connection with the illegal bankruptcy of TE-TO AD, four criminal charges were filed with the Basic Public Prosecutor's Office and the Basic Public Prosecutor's Office for Organized Crime and Corruption. The submitters are Toplifikacija AD, the Financial Police Office, shareholders of Toplifikacija AD and a foreign investment fund. "Although all four criminal charges were thoroughly processed, the competent prosecutor's offices rejected the charges." is added to the statement.

"At the end of April 2018, when the management of TE-TO AD is sure that the illegal bankruptcy of TE-TO AD will be realized, which will illegally write off over 35 million euros to Toplifikacija AD, the majority shareholder of TE-TO AD seeks bankruptcy of Toplifikacija AD for a debt of 1 million euros. The amount of the debt is irrelevant because with the write-off of the claims of Toplifikacija from TE-TO AD, Toplifikacija AD does not have the resources to pay the liabilities to Komercijalna Banka of over 17 million euros. In a procedure before the State Commission for Prevention of Corruption SCPC, which is conducted in 2019 and 2020, in addition to other illegalities realized by the executive, the SCPC points to an illegal Plan for reorganization in the procedure of illegal bankruptcy of TE TO AD. The illegality of the Plan stems from the fact that it does not provide for the main cost in the amount of over 17 million euros for the payment of profit tax arising from the write-off of debts of TE-TO AD in the amount of 150 million euros. The Illegal Reorganization Plan directly entails the illegal bankruptcy of TE-TO AD because the main activity in the Reorganization Plan is the write-off of receivables, and the main cost in the Reorganization Plan arising from the profit tax is not covered. Based on these facts, a letter was prepared for the Bankruptcy Trustee which was to be sent by him as the only authorized person of Toplifikacija AD in bankruptcy to the Bankruptcy Judge in the bankruptcy procedure of TE-TO AD. Unfortunately, until today, the letter to the Bankruptcy Judge on the bankruptcy of TE-TO AD has not been sent. Due to this behavior of the Bankruptcy Trustee, appropriate charges have been filed with the competent authorities. " say shareholders.

"The estimated value of Toplifikacija AD in the bankruptcy procedure of this company, without the claims from TE-TO AD on the basis of the judgment of the Supreme Court is over 30 million euros. The total value of Toplifikacija AD as an estimated value of the property and receivables from TE-TO AD based on the judgment of the Supreme Court are over 63 million euros today The total debts of Toplifikacija AD are around 20 million euros. In this value is calculated a debt to Komercijalna Banka of over 17 million euros. At the moment, several procedural procedures are underway related to the illegalities in the bankruptcy proceedings of TE-TO AD and Toplifikacija AD and the failure of the competent state bodies to act in these bankruptcy proceedings. Some of the procedural procedures are before the domestic competent authorities, and two procedures are being prepared for judicial institutions abroad. The current sale of part of the property of Toplifikacija, given the course of this procedure and the participants in the procedure will be subject to procedural procedure in the next period. it is said in the announcement from the shareholder Toplifikacija.

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