Stanko Subotić became owner of part of Sveti Nikola island again - controversial businessman repaid loan

(Stanko Subotić)

- Controversial businessman Stanko Subotić Cane has repaid the loan of 15m EUR to Prva Banka and, thus, became the owner of a part of Budva's Sveti Nikola island, popular Hawaii, again - Podgorica's daily newspaper Dan announced.

Subotić has been returned 37,000 square meters of land with all accompanying facilities. He bought that parcel in 2007 and, according to Dan, he now offers it to Greek Restis Group, which already rented Sveti Stefan island. Montenegrin Prva Banka advertised the out-of-court sale of Subotić' part of Sveti Nikola island several times because he was late with repayment of the loan. The starting price was 28m EUR. Subotić's associates then informed Prva Banka that he had given consent for sale of the island because he was unable to repay the loan. However, the sale has never happened.

Part of Sveti Nikola island is not the first property that the state of Montenegro returned to Subotić this month. Namely, the Ministry of Finance accepted Subotić's complaint and returned Sveti Stefan-based villa "Montenegro" to him, which was confiscated at the request of Serbian Prosecutor's Office in October 2009. His complaint was accepted because the Ministry of Finance of Montenegro is of the opinion that confiscation of the villa was not in accordance with the Law. Subotić, who is out of the reach of Serbian Judiciary, is suspected of making profit of 56m DEM and 8m USD by smuggling and selling cigarettes in Serbia with 14 of his associates in the period 1995-1996.