Laugh of the dayCuprom officially out of RTB Bor sale
25 April 2007 | 13:12 -> 15:43 | Source: B92
BELGRADE -- The Privatization Agency has terminated the contract on the sale of RTB Bor to Romanian Cuprom.
The Agency said that due to Cuprom’s failure to submit financial guarantees for payment within the extended deadline, it decided to terminate the sale contract for the Mining and Smelting Basin (RTB) Bor, in accordance with article 41 of the Law on Privatization.
The Agency will charge Cuprom with the payment of a deposit in the amount of US$ 3mn.
“We consider that all participants in the privatization process of RTB Bor must act to bring decisions in accordance with legal regulations. Only thus can we conduct the privatization process within normal legal and market frameworks and preserve Serbia’s reputation among domestic and foreign investors,” the Privatization agency said in a statement.
and preserve Serbia’s reputation among domestic and foreign investors,” <--------------LOL