Montenegro: EPCG’s extraordinary shareholders’ assembly session banned

, SEE Energy News

In mid-February, the Board of Directors of state-owned power utility 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. The Montenegrin Commercial Court adopted the proposal of EPCG and determined a temporary measure banning the Government of Montenegro from holding the 23rd extraordinary session of the shareholders’ assembly, which was scheduled for 25 February.

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. Previously, EPCG’s Board has scheduled the next shareholders’ assembly for 16 March. 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.