Montenegro: EPCG Board asking court to ban shareholders’ assembly

, SEE Energy News

Montenegrin state-owned power utility EPCG management stated that the procedure of convening the shareholders’ assembly for 25 February by the Government has no legal basis, and that they have presented this to the Government and the relevant Ministry of Capital Investments. Last week, EPCG’s Board has scheduled the next ordinary shareholders’ assembly for 16 March.

The Board of Directors of EPCG, headed by Djoko Krivokapic, submitted to the Commercial Court a proposal for determining a temporary measure requesting that the court ban the holding of a shareholders’ assembly convened by the Government for 25 February.

Earlier in January, Minister of Capital Investment Mladen Bojanic requested the dismissal of all seven members of the Board of EPCG due to alleged mismanagement of the company, which is will be on the agenda of extraordinary shareholders’ assembly scheduled for 25 February. Currently, Igor Noveljic is the company’s CEO, while Djoko Krivokapic is the President of the Board. Media speculate that Democratic Front MP Milutin Djukanovic is the most likely candidate for the new CEO of EPCG. EPCG recorded revenues of 218.74 million euros in the first nine months of 2020, which is by 24.2 million euros lower compared to the same period last year. At the same time, the company’s expenditures reached 220 million euros, 8.5 million less than in the first nine months of 2019.