Bankruptcy threaten to EPS; whats the issue between EPS CEO and EPS managing board chairman

14. February 2013. / News Serbia Energy

Conference of Managing Board where current economy questions of our energy organization should be considered was cancelled last week.

Crucial questions for work and business of this energy company are if bankruptcy threatens to EPS because government conclusion cannot be made without EPS Managing Board decisions, if EPS business can adjust to the Energy Law, and if suggestions of financial stabilization should also be considered.

National and citizens’ interests are dramatically endangered with EPS President Aca Markovic’s, behavior, first of all. He was given this function during the previous government leadership- the source close to EPS said and informed us about the whole situation.

The same source says that bankruptcy of EPS is possible in March already, because of the horrible financial situation. The lack of money for the settlement of debts and payment of delivered credit rates will occur next month already.

Payment of wages will be put into question for sure, EPS will withdraw a row of successful companies with itself and cause huge social problems in these corporations, this source claims.

Marković has informed Director and members of Managing Board that the conference should be postponed because not all questions, that should ensure Managing Board to make decision about establishing Industrial society for electricity supply of final EPS buyers, are harmonized, so intensive consultations should be continued and the new conference should be appointed.

The informed people claim that problem occurred because of the fact that leading people of Managing Board don’t want to enforce the Energy Law that prescribes a choice of one public electricity supplier, they insist that there should be 5 suppliers, what would brought to additional business problems, multiply number of directors and other work places, and drastically increase business expenses. Instead of centralizing the business, it would be split again.

Aca Markovis stated that MD conference will be held very soon and that EPS doesn’t have any problems. Yesterday’s conference was only postponed because EPS is looking for the best solution for electricity supplier.

He doesn’t understand why anyone should replace him and reminds that he came to this position 1980.

EPS Vice President can also ask for MB conference after the certain deadline, and current President can be replaced only by government that had put him at this position.

Government said that all options are possible when they were asked to declare about president’s replacement. They also said that Energy Law is pretty clear about public supplier election. But if someone tries to make the political decision of it, then he should take responsibility for that. Authorities are introduced to the idea of 5 suppliers’ election instead of one, and they say that it’s not possible because it is confronted to the Energy Law.

Realization of idea for socially endangered consumers i.e. the most endangered persons to be released of electricity payment can’t be launched without election of the public supplier. New price of kilowatt-hour cannot be determined also.

Source Serbia Energy Magazine/Politika

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