Serbia: Securum offshore company tried to trick Serbian Government, Ministry of Energy discloses the false deal

29. August 2013. / News Serbia Energy

Serbia will get lawsuit of 160 million EUR from the Company “Securum Equity Partners” instead of the biggest solar park in the world 1,7 billion EUR worth. Local medias reported and claim that this company registered to offshore companies didn’t plan to construct a solar park but its goal was to achieve, according to profitable conditions, 3.000 ha of land it would resale to other firms later.

Mentioned company asked from Serbian Government to provide it 3.000 ha of the construction land with construction of solar plant 1.000 MW strong. Ministry of Energy claim that they were offered parcels with 30.000 ha of total surface which is 10 times more than it was asked but this company preferred less than 200 ha.

“Our side suggested them to construct 100 MW strong panels on that surface. However, this investment was not realized also what indicates that investor didn’t have serious intention to construct a solar park”, Ministry of Energy explains.

This ministry claims that they had remarks on this document at the beginning, they considered it unmanageable from the technical point because it is a giant solar park which does not exist anywhere in the world but they accepted to give a chance to investor which is the first signer of the contract.

Investment advisors explain that only address of the company registered as offshore on the Cayman Islands and Malta should be an alarm for more serious checking of the company which promises billions. Offshore company without experience in this kind of business, without website with information about company, employees or history of business were not enough to show that something is wrong so it was determined later that there are some indications that this company tried to realize solar engagement in some other states, also without any success.

However, representatives of this company are still in Belgrade and lawsuit was not taken.

We were trying to get in touch with someone from Government for years. We could take a lawsuit in April, but if something is not solved soon we will ask for delay penalties of 900.000 EUR and we will sue them”, Aleksandra Marojevic, PR of this company, says.

November 2011

Construction of the biggest solar plant in the world with 1.000 MW was announced for the first time and cooperation agreement was signed which was not obligatory document from legal point.

May 2012

Oliver Dulic, Minister of Environment and Spatial planning at that moment, signed a cooperation memorandum with investors and this is also not obligatory document.

October 2012

The framework agreement, the first committing agreement was signed by Minister Mladjan Dinkic and Zorana Mihajlovic and then 1,75 billion EUR were announced to be invested in this “business of the century”.

1st April 2013

Serbian Government should provide licenses and locations for construction to the Company “Securum Equity Partners” by that deadline. They didn’t, so investors are now asking for penalties payment of 900.000 EUR.

30 July 2013

Company “Securum Equity Partner” announced a lawsuit against Serbian Government in front of Arbitrage Court in London for 160 million EUR compensation fee for undermined reputation and income loss.

Source; Serbia Energy/MERZ

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