MNE: Hungarian company takes over "Queen of Montenegro"

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OTP Bank and its subsidiaries in Montenegro CKB confiscated the hotel because the loan with interest was not returned .

The company ” Debt Management Project 1 Montenegro “, from Podgorica, offered ,at a price of 20.3 million yesterday to buy the hotel ” The Queen of Montenegro ” in Becici.

The hotel , in the next eight days, will be sold together with the land at a price of 155 thousand hotels and movable property worth 300 thousand euros.

This company is registered for the real estate and wholly- owned by OTP Factoring , Hungarian company engaged in debt collection of  CKB (CKB ) to liberate it from  poor collateral .

” Debt Management Project 1 Montenegro ” was registered in May 2011 for ” buying and selling real estate for its own account .”

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OTP Bank and its subsidiaries in Montenegro CKB seized the hotel because the loan with the interest in the amount of 42 million euros was not returned. Ivančević recently said that ” Russian partner failed to meet its obligations,hence the bank has activated a mortgage.

The majority owner of the eponymous company , which has managed the hotel since 2009 is Russian Korston group which had 75 per cent stake and the remaining 25  per cent were owned by Budva agency “Adriatic Express” which owners are Dragan Ivančević and Branko Kažanegra. The Russians bought that  share from the Austrian company ” Springer & Plecer group” , which together with Ivančević and Kažanegra in  2007,made a dilapidated ex Panorama ​​one of the most luxurious hotels in Montenegro which has four star plus .

Ivančević recently said that the Russian partner had failed to meet its obligations ,therefore the bank has activated the mortgage, and  that the eventual sale should not be an obstacle to the work of the hotel.

Similarly, last year the  Swiss bank NLB Interfinans took over  Otranto hotel in Ulcinj because the Russian company ” Barkley Montenegro” did not return the loan of 10.6 million , and then rent the  hotel to  Ulcinj company ” Argos ” .

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