On 15 December 2021, the Higher Commercial Court in Banjaluka confirmed that Pavgord’s pledges on Alumina’s property are null and void and without legal effect.
To remind you, on 5 February 2021, the District Commercial Court in Banjaluka passed a first-instance verdict in which it fully adopted the claim of the company Alumina d.o.o. Zvornik against Pavgord d.o.o. Foča and the Lithuanian Ukio Bank.
This verdict, now final, found that the three pledges registered in 2012 on Alumina’s property, with a total value of around EUR 79 million, are null and void.
This verdict bears multi-faceted significance for the legal existence and business of Alumina and represents an important segment of the legal practice in Bosnia and Herzegovina, and in the Republic of Srpska. In this dispute, which has proven the nullity of these pledges, and highlighted all the harmful effects they have produced for this metal industry giant and an important regional economic factor employing over 1,500 people, Alumina was represented by Vladimir Milošević, Attorney-at-Law.
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