Former owner of Lece gold mine: The best solution is for the state to buy the mine

The owner of Koncern Farmakom MB, Miroslav Bogicevic, stated today that the best thing would be for the Lece gold mine near Medvedja, formerly owned by him and now slated for sale, to be bought by the state. The sale of the mine was announced for August 26, through public bidding, but it was postponed due to the complaints of the bankruptcy creditors, the company Moderano Investments doo, Alta Banka Belgrade, the company DEM-Hellas and the owner of the bankruptcy debtor Farmakom MB, which were upheld by the Commercial Court in Valjevo.

– What Serbian President Aleksandar Vucic stated about considering the possibility of the state buying the mine is the smartest and fairest move – Bogicevic said for the Beta news agency.

He pointed out that, between 2006 and 2008, he had bought 26 mines in bankruptcy in Serbia, nearly all of them except for RTB Bor, because he had realized their value, but added that they should no longer be sold to private companies, but brought back to state ownership.

Bogicevic and DEM-Hellas complained about the estimated value of the mine, the high price for the buyout of the documentation, the deposit amount and the short period between the ad and the public bidding.

– Keeping in mind the special nature of the subject of the sale, the estimated value of the legal entity is unacceptable and below the border of what’s realistic – they said, and the other creditors had similar complaints.

Bogicevic said that there were plenty of complaints and that he would not make all of them public immediately, but that one of the most important ones was that the value of the mine had been underestimated.

The mine, according to Bogicevic, has been estimated at USD 75 million, although it is worth around EUR 4.3 billion. The bankruptcy supervisor, as he said, set the price of the buyout of the documentation at EUR 1.1 million, “which has never happened before.”

Rudnik Lece doo Šabac u stečaju

Moderano investments doo Beograd

Alta banka ad Beograd

Privredni sud Valjevo

Farmakom MB

Moderano investments doo

Alta bank

DEM Hellas

Commercial Court in Valjevo

Miroslav Bogićević

Lece gold mine near Medveđa

sale of Lece mine

gold mine

Rudnik Lece Medveđa