The Vice President of the Government of Montenegro and Minister of Economic Development, Nik Đeljošaj, stated that the government has not attempted to reach an agreement with the company “Adriatic Properties”, the lessee of Sveti Stefan, to temporarily open the exclusive resort outside of the arbitration process currently taking place in London. He emphasized that such an agreement would cause long-term damage to the state.
In an interview on the show “Nedjelja u retrovizoru” on TV Vijesti, Đeljošaj mentioned that he had informal meetings with representatives of the company, but only to try to reach an agreement for the hotel to open under the conditions outlined in the lease agreement.
Đeljošaj expressed confidence in a positive outcome from the arbitration proceedings at the London Court, with a decision expected by the end of the year.
“Freezing the agreement would mean additional risks for Montenegro, as it could delay the decision on our request, which will be known when the arbitration ends. We might not reach a resolution until 2027. We’ve already had one delay, and I believe that’s not in the interest of Montenegro. The country’s interest is to open the hotel, but not under terms that are not defined by the lease agreement. The agreement that has been discussed in the media and may have been pressured on me to sign would involve signing everything that led to the lawsuit before the Arbitration Court,” Đeljošaj explained.
He also stated that this might have been the intention of “Adriatic Properties.”
“This is something I absolutely did not agree to, nor will I,” Đeljošaj said.
When asked by the host of the show, Tatjana Ašanin, if it was true that at one point something had been agreed upon and someone from Adriatic Properties had even signed it, Đeljošaj replied, “I don’t know.”
“I never agreed to that deal, nor did it even cross my mind to sign it, as it would jeopardize the national interest. I believe it would cause significant long-term damage to Montenegro. Guaranteeing exclusivity now under a partial settlement agreement, especially when we are in arbitration where they are asking us for 250 million, is impossible,” Đeljošaj concluded.
