Jugobanka’s RECEIVABLES worth EUR 700 million claimed by the neighbours

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The Higher Commercial Court in Split will decide this autumn on the alleged receivables by the Croatian state in the amount of EUR 700 million towards “Jugobanka a.d. Beograd” under receivership. If it confirms decision of the court with lower jurisdiction, that recognized those receivables, Croatia could request recognition of foreign court decision in Serbian courts and status of creditor in the main bankruptcy proceedings that are ongoing in Serbia. In that case, Zagreb could claim valuable real estate and receivables that once one of the most powerful Yugoslav banks had, not only in the former republics of the SFRY, but also in the US. Newspaper reminds that the alleged debt of EUR 700 million was generated when Croatia paid 235 million to savings depositors, following Jugobanka’s bankruptcy, and then filed a lawsuit, demanding that amount with interest from the main Split branch. Interest exceeded the main debt by more than two times. The proceedings before the Commercial Court in Split have been disputable since the beginning, as well as the first-instance verdict reached this spring without prior discussion and presentation of evidence, after the Court put an end to the presentation of evidence it originally accepted to carry out, the Novosti daily reports.

Source: Novosti, Agencije

Photo: Pixabay

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