Jugoremedija to be put up for sale in April for the third time – Creditors of Zrenjanin pharmaceutical plant announce complaint

The Board of Creditors of the pharmaceutical plant Jugoremedija in bankruptcy, dissatisfied with the actions of the Commercial Court of Zrenjanin, announced that it would address European institutions, seeing how the pharmaceutical company is one of the 24 cases of problematic privatization in Serbia.

– The president of the Commercial court has rejected our complaint to the work of the bankruptcy judge and supervisor, who are doing everything in their power to devalue the property of Jugoremedija, thereby doing irreparable damage to all the creditors – Vladimir Pecikoza, chairman of the Board of Creditors, told Novosti.

The creditors are in fact losing patience after two failed attempts at a sale of Jugoremedija's property. It was offered at the initial price of EUR 32 million, but without licenses and permits for the marketing of medical drugs, which the Novi Sad-based company Union Medic, former lessee of the facility in Zrenjanin, refuses to return. The potential new owner stands only to get the lawsuit against Union Medic, instead of the permit for the production of Jugoremedija's 22 products.

– This intellectual property of Jugoremedija has been estimated at over EUR 18 million. It is its most valuable part, without which no one has any interest to buy the factory. This was shown at the two auctions, where there were no interested parties – Pecikoza said.

The Board of Creditors had tried to reach a settlement with the Novi Sad-based company, which is running a dispute against Jugoremedija, also at the Commercial Court of Zrenjanin, demanding a compensation of RSD 47 million for costs of product registration. The bankruptcy judge and supervisor didn't agree to an out-of-court settlement. They also failed to respond to the request of a company from Republika Srpska, which is interested in leasing the facility and producing medical drugs in Zrenjanin.

– We believe that the bankruptcy authorities want to eliminate the role the board of creditors has in the process through “legal means” and, following an unsuccessful third attempt at a sale, find a new owner for Jugoremedija through direct agreement for a third of the estimated value – Pecikoza says, convinced that the avoidance of competition can only suit the company owning the permits for the marketing of medical drugs.

The bankruptcy supervisor, Radovan Savic, confirmed for Novosti that he was preparing to place a new sales ad in April. At the same time, Union Medic has pressed charges against him at the Higher Public Prosecutor's Office over suspicion of abuse of position.

Jugoremedija a.d. Zrenjanin

Union-medic Novi Sad

Privredni sud u Zrenjaninu

Agencija za lekove i medicinska sredstva Srbije

Union Medic

Board of Creditors of Jugoremedija

sale of Jugoremedija

medical drug

medical drugs

pharmaceutical plant

production of medical drugs

manufacture of pharmaceutical products

pharmaceutical products

Radomir Savic

Vladimir Pecikoza

pharmaceutical industry