Montenegro

Russian billionaire Oleg Deripaska's Central European Aluminum Company (CEAC) is suing Montenegro for 100 million euros ($140 million) over the failure of its aluminum plant there, Reuters reported. A statement issued in Cyprus, where the Russian company has its headquarters, CEAC said the case will heard in Vienna. The statement said Montenegro violated a 2010 settlement agreement, leading to the plant going bankrupt. In a separate statement, Montenegro's government denied any wrongdoing.

The assets of Montenegrin aluminium producer KAP will be offered for sale at EUR 52.47mn , state broadcaster RTCG quoted the company's insolvency manager Veselin Perisic as saying on Nov 21, HispanicBusiness.com reported. Perisic, however, could not specify when a public invitation for the sale will be opened. He was speaking at a brief news conference on the issue. The evaluation of KAP's assets followed after the company was declared bankrupt in early October. According to the report, KAP's complete assets should go on sale - and not the company as a legal entity.

A Montenegrin court has launched bankruptcy proceedings for the country's single biggest industrial employer, indebted aluminium plant Kombinat Aluminijuma Podgorica (KAP), a court official said on Monday, Reuters reported. The Adriatic state had last month asked the court to consider bankruptcy for the smelter, which is co-owned by the state and Russian billionaire Oleg Deripaska's Central European Aluminium Co.

The Montenegrin government filed a court motion on Friday to consider bankruptcy for the country's single biggest industrial employer, indebted aluminium plant KAP, which faces having its electricity cut off over unpaid bills, Reuters reported. Kombinat Aluminijuma Podgorica employs 1,200 people and accounted for 4.7 percent of the tiny Adriatic republic's economic output last year.