In 2019, Marko Gvozdenović, son of former Montenegrin minister Branimir Gvozdenović, quickly established a company and shortly thereafter entered into a contract to acquire a share of a valuable land parcel in Tivat, near Porto Montenegro. This information was revealed by the NGO Action for Social Justice (ASP) after their investigation into property development activities in the area.
Rapid Company Registration and Land Acquisition
According to ASP, the company named Iron Investments and Advisory, founded solely by Marko Gvozdenović, was officially registered on August 13, 2019. The registration application was submitted that very day at 12:09 PM, and by the next day, the company had obtained tax registration. Immediately afterwards, it entered a contractual agreement to purchase a stake in a roughly 750-square-meter plot located in Donja Lastva, Tivat.
The total land deal, concluded in June 2019, was valued at 450,000 euros. The sellers included a local resident who sold portions of the land to several individuals: Liya Morokhovska (125,000 euros), Maria Listytska (50,000 euros), Semen Kantor (50,000 euros), Dejan Marinović (112,500 euros), and Ljubiša Šestović (112,500 euros).
Connections Between Key Stakeholders
ASP reports indicate that Morokhovska, a Ukrainian national, is one of the owners of Zapad Bank. Kantor and Listytska are believed to be relatives of Morokhovska, as they later transferred their shares to her via gift agreements. Dejan Marinović, a former director of Montenegro’s Tax Administration, owns the company Graal, while Ljubiša Šestović is closely linked to Branimir Gvozdenović.
Just two months after the initial purchase, on August 14, 2019, the contract was amended so that Marinović transferred his land share to Marko Gvozdenović’s company Iron Investments and Advisory, while Šestović transferred his share to Graal for the same purchase price.
Development of Residential Building and Ownership Structure
Following these transactions, the local cadastre registered the new owners in September 2019, confirming full payment of the purchase price.
In April 2021, the new owners signed a joint construction agreement to build a three-story residential building on the land. This contract regulated ownership rights and financial responsibilities during construction. It was agreed that Marko Gvozdenović’s company and Marinović’s company would each receive 25% ownership, while Morokhovska would hold 50%.
The total construction cost was estimated at 766,000 euros (including VAT). Morokhovska was responsible for investing 383,000 euros, Iron Investments 191,500 euros, and Graal was tasked with covering the remaining amount to complete the project on a turnkey basis.
ASP notes that Graal was directly involved in managing the building’s construction, which was to be completed within 18 months from the building permit application.
Apartments Now on the Market in a Prime Location
The building now stands on a highly sought-after location in Donja Lastva, where apartment prices currently range from 3,500 to over 5,000 euros per square meter. The Tivat cadastre officially registered the residential building comprising 16 units, with sizes ranging from 22 to 59 square meters, some of which have already been sold.
Originally registered as a consulting company, Iron Investments and Advisory swiftly transformed into a key player in Tivat’s booming real estate sector, leveraging strategic partnerships and local connections to acquire prime property and develop residential units.
