The
Director of Macedonian Power Plants company (ELEM), Vlatko Cingoski,
believes there is no need of engaging Washington-based International
Court of Arbitration into the dispute with EVN Macedonia in connection
to ELEM's demands for the former Electric Power Company (ESM) to
service its debt in line with the annex agreement of 2005, because it's
a row between two local companies that falls under the jurisdiction of
Macedonia's courts.
The annex agreement to the ESM sales contract
contains a consent of the Austrian buyers (EVN) to settle the
outstanding debts, Cingovski said at a press conference.
- EVN acknowledged that at the moment of the
take-over, ESM had outstanding claims of Denar 13 billion. On the basis
of the annex agreement, EVN accepted the obligation to service the debt
owned to ELEM Denar 6,5 billion (about EUR 107 million) by settling the
outstanding claims gradually and by transferring 50 percent of these
funds to ELEM, Cingoski said.
ELEM, the state owned company in charge for the
power production recently won a local court case, and accordingly is
now demanding for the debt settlement.
ELEM sued EVN for collecting the old debt from
unsettled bills payable by consumers and failing to transfer half of
the sum to ELEM as agreed.
Cingoski also accused EVN for failing to service its
regular debts, saying that its debt to ELEM by April this year was at
Denar 640 million.
EVN Macedonia on its part issued a press
release, refuting the accusations, which 'are part of continuous,
ungrounded attacks on EVN, aimed at re-nationalization of the company
and turning the public attention from the scandalous court procedure." Interesting developments when Austrian, German and French ambassadors expressed outrage and insulted the Macedonian Courts as immature over their ruling that EVN owes money. The reason for the foreign ambassadors "outrage" is as local analysts reported, EVN stock prices may plummet over the Macedonia ruling, whereas numerous foreign ambassadors in Macedonia own EVN shares, hence their attempt to protect their wealth.
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