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THE COUNTRY: ECONOMIC POLICY Guarantees paid by the country from 2011 until 2014 (Source: Ministry of Finance) Company Amount in million € Aluminium Plant Podgorica 126,0 Steel factory Nikšić 32,9 Pobjeda 7,2 Bauxite Mines Nikšić 5,5 Megalonia Primorka 4,5 Mi-Rai 1,7 FEP 1,7 The National Audit Institution controlled all arrangements of the government that were higher than 10 million euros, which included Aluminum Plant (KAP), Steel Factory, Pobjeda, Railway Infrastructure, and Railway Transport. The country guaranteed this country and mostly and already paid loans in the total amount of 214.53 million euros, and according to the opinion of an auditor it was important to include guarantees that KAP had received in 2009, when the settlement agreement was signed. The contracts then signed representatives of the Government of Montenegro, and Russian partner CEAC, and it envisaged issuing of five guarantees, out of which three were given the same year (49.6 million euros). Lenka 0,6 National Auditors assessed that three responsible entities – Ministry of Economy, Ministry of Finances, and Commission for the Control of National Assistance – did not assess appropriately the financial situation of KAP, Steel Factory, and Pobjeda, and did not sufficiently appreciate statements of commercial auditors. According to the findings of the National Audit Institution, financial business indicators of these companies showed they were not capable of servicing loans appropriately from their own finance sources, and that their continuation of business was an issue. According to some media statements, the National Audit Institution examines if there were grounds for initiating criminal proceedings for this report of the supreme national audit, although the National Audit Institution equivocally indicated that guarantees of this company were not in accordance with rules, which resulted in payment of a couple hundred million euros of tax payers. 301 million € of guarantees – the country issued to private companies for the previous decade Last year guaranteed for 208.6 million euros Law on budget of Montenegro for 2015, the government planned to issue guarantees in the amount of 101.6 million euros. After the decision of the Government from September 2015, this amount rose to 208.6 million euros. According to Proposal of the Law on budget for 2016, the country planned to guarantee for up to 26 million euros loans. 43
10 YEARS OF INDEPENDENCE - INSIGHT VIEW MANAGEMENT OF NATURAL RESOURCES How did the government approve concessions to a nonexistent company According to the report of the National Audit Institution (NAI), 6 the public budget was damaged for five million euros during the period between 2009 and 2012, for the compensation for the use of properties of general interest and natural sources. The National Audit Institution determined that concessioners of mineral raw materials in most cases did not fulfill duties prescribed by the Contact, while concession compensation was not remunerated for some of them for years. There were also cases when concession contracts were signed with companies that were not registered in both the Central Registry of the Commercial Court and the competent tax body, but also cases in which contracts were signed with companies that declared bankruptcy. NAI has concluded that the Ministry of Economy, as the surveilling body responsible for the control, did not keep the registry on requirements on this ground and that some contracts were terminated while concessioners did not pay outstanding debts. Concessioners of mineral raw materials owed to the country at the end of 2013 more than 728,000 euros. Photo: www.vijesti.me According to Monstat, more that 30 million euros worth of lumber was exported in 2015 6 http://www.dri.co.me/1/doc/Izvjestaj%20o%20reviziji%20-%20Prihodi%20budzeta%20Crne%20Gore%20po%20 osnovu%20zakljucenih%20ugovora%20o%20koncesijama%20za%20koriscenje%20prirodnih%20bogastava.pdf 44
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Page 6 and 7: Introduction Dear Madam/Sir, This p
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