“Butterfly finance” management company, owned by businessman Blagota Radovic, offered 401,000 euros to acquire the management of the open-end fund investment fund Atlas Mont, which, among other things, owns one-third of shares in Montenegro Stock Exchange, as “Vijesti” found out unofficially from several sources.
Atlas Bank's bankruptcy board opened two bids received yesterday and the competitive offer of the Management Company “Quantum Investments” amounted to 231 thousand euros. “Quantum investments” has been managed by OIF HLT for three years and is controlled by broker Aleksandar Jovovic and related persons.
Atlas Bank's bankruptcy board controls 59 percent of DZU Atlas Mont, which has been managed so far by OIF Atlas Mont.
That is why the bankruptcy administration of Atlas Bank, managed by Mirko Radonjic, announced this tender and asked for a new manager for the assets of the open-ended fund of the same name. The total liabilities of DZU Atlas Mont, the management companies of OIF, amounted to about 190 thousand euros.
One-third of the ownership of Montenegro Stock Exchange, the most important part of the OIF Atlas Mont, according to the last stock exchange price, is worth about 730 thousand euros. In addition to ownership in Atlas bank that has been bankrupt since the beginning of April, OIF Atlas Mont owns 29.6 percent of the company’s shares “Montenegroexpress” from Budva, a share in the CG broker-dealer and fewer shares in another 10 companies. Montenegro stock exchange, as well as the open and closed Atlas Mont fund, have been controlled by companies from Atlas Group owned by Dusko Knezevic, who is on Interpol's warrant.
The main speaker, among the authorized brokers on the stock exchange and the domestic market, was, in addition to two commercial banks, Jovovic with his broker company “Bull and Bear”. Radovic and Jovovic were once co-owners in that company, but Jovovic, in the end, paid off Radovic's ownership stake.
After a series of transactions on the stock exchange, Radovic became the largest shareholder of Atlas Hotels Group with 29% of the stake through his company “Zetagradnja”. This company owns significant properties in Bar, Petrovac, St Stefan and Podgorica. The largest shareholder of this hotel company with 75% of shares until recently was the closed investment fund Atlas mont.
Atlas Mont owes approximately 90,000 euros to employees
DZU Atlas Mont, according to the information from "Vijesti", from the sources close to the bankruptcy administration of the bank, owes mostly to the employees of that company, a little less than 90 thousand euros.
For services to two lawyers, they owe a little less than 22 thousand euros, Atlas bank in bankruptcy slightly less than 18 thousand, the Commission for the capital market 8.500 euros, while the other debt of the DZU Atlas Mont mainly refers to consulting services, small fees and other unpaid bills.
Text by Milorad Milosevic, on July 23rd, 2019, read more at Vijesti
