Writing off Bor's debts

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    Writing off Bor’s debts

    Today, the members of the town government in Bor submitted a formal proposal for a decision to write off debt towards the town budget in the amount of about 1,44 billion dinars of the Mining-Smelting Complex (RTB) Bor.

    This debt originated before the change of ownership, that is, before Chinese Zijin took over a 63% stake in the Bor company, and the final decision on the write-off should be made by the councillors of the Town Assembly in which the Serbian Progressive Party (SNS) has the majority.

    “This proposal of the decision represents the formalization of the legally adopted and executed pre-packaged insolvency,” it is stated in the explanation of the proposed decision.

    The decision on the pre-packaged insolvency was adopted in 2016 by the Commercial Court in Zajecar, which resulted in the debts of RTB in the amount of 56.7 billion dinars being written off, while the company’s assets were estimated at 16.22 billion.

    RTB was declared a privatization entity of strategic importance by the decision of the Government of Serbia, and at the end of last year, Chinese company Zijin became the majority owner of the Bor copper complex.

    “The write-off of RTB’s debt is not a good solution for the town, because this money would almost completely cover the debts of public companies, but the Government forced us to do so, therefore, a political decision was made at the session of the Municipal Assembly of Bor,” the Beta agency was told by a high official of the SNS who wanted to remain anonymous.

    President of the People’s Party in Bor Dragan Markovic has said that the decision to write off the debt of RTB is an example of how much the state cares for Bor.

    “This decision shows that the state does not care about Bor and that only party-related interests are taken into account. What the president or prime minister orders must be fulfilled, and they are the executors of ‘all the works’ and of our destinies,” Markovic said.

    Izvor: Beta

    Foto: Beta

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