Bozur
Amicus
Posts: 5,515
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Post by Bozur on Oct 29, 2008 0:04:44 GMT -5
Deripaska and Rothschild build resort in Montenegro
24.10.2008 Deripaska and Rothschild build resort in Montenegro
Russian billionaire Deripaska, Basic Element’s owner, and a group of co-investors including Lord Rothschild are going to build a resort in Montenegro, the Telegraph reports. The resort will be located in the area earlier occupied by Yugoslav sea base Tivat. A berth for 800 yachts, hotels, restaurants and shops will surely attract tourists appreciating comfortable rest. The construction works are expected to be completed by 2010. According to the First Post, the volume of investments is estimated at £200 million. Montenegro is exceptionally popular with Russian developers acting in Europe: Mirax Group is finishing city-club Astra Montenegro with the area of 94 thousand m2, while Russian corporation Barkli is engaged in construction of a four star hotel on the coast of the country. source: www.lenta.ru www.russia-ic.com/
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Bozur
Amicus
Posts: 5,515
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Post by Bozur on Oct 29, 2008 0:05:20 GMT -5
respond chris stevens : Deripaska, Nat Rothschild, Petter Munk and their chums now own most of Crna Gora's wealth, and well over 50% of its GDP through tourism and, especially, aluminium! Little Russia by the Sea indeed ;-) Well done Putin, your piece of the EU in the Mediterranean is a dream turned into reality, may God help the EU when Crna Gora joins............ Nevermind, their pals Mandy and George will smooth things over, LOL. The Nation explains it all.
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Bozur
Amicus
Posts: 5,515
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Post by Bozur on Oct 29, 2008 0:09:47 GMT -5
Donations row casts light on Montenegro's deep water wealth trap Tara Loader Wilkinson 24 Oct 2008
“It’s all about boats" • Tax havens get an altered image 14 Jul 2008 • UK non-doms face further tax burden 20 Feb 2008
The news this week that Russian billionaire Oleg Deripaska and hedge fund manager Nathaniel Rothschild are embroiled in a row over illegal donations to the UK’s Conservative Party has inadvertently thrown light on a multi-billion euro project to build a super-port complex in Montenegro that will house hundreds of the world's most luxurious yachts.
Rothschild and Deripaska are two backers of the €650m ($832m) initiative that when complete, will offer owners of 780 luxury yachts a place to moor in a country being billed as a new generation haven with a business-friendly tax regime.
The pair have also been involved this week in a blow-up over the alleged solicitation of funds from Deripaska by the UK's Shadow Chancellor George Osbourne and senior Conservative Party fundraiser, Andrew Freeman, who were both introduced to the oligarch by Rothschild.
Meetings were allegedly held, among other places, on Deripaska's own luxury yacht.
The Montenegro project in the bay of Kotor in Tiva is being commissioned by mining group Barrick Gold, whose chief executive Peter Munk, admits: “I don’t own a yacht. I prefer to charter”.
Munk, an 80-year old Canadian billionaire, is in partnership with Lord Rothschild, his son Nathaniel, Deripaska and French luxury-goods tycoon Bernard Arnault. Montenegro's prime minister, Milo Djukanovic, is also backing the project.
Corporate tax in the country stands at 9%, personal income tax is set to be reduced to 9% from 15%, and capital gains tax is zero, according to the Montenegro Investment Promotion Agency.
But for Munk, the attractions of Montenegro go far beyond tax issues: “It’s all about boats,” he says. Djukanovic first approached Munk with the idea of the port refurbishment four years ago, at that point a graveyard for rusting naval hulks dating back to the Cold War.
When the country gained its independence from Serbia two years ago, development began in earnest.
A dilapidated naval base has been transformed. “It’s one of the only places in Europe with water deep enough for the 180m yachts coming on the market,” says Munk.
While Portofino, St Tropez, Palma Majorca and Monaco have traditionally accommodated large boats, they cannot cope with the 350-odd mega-yachts due to flood European market in a few months’ time, he says.
Russian billionaire Roman Abramovich is building the world’s largest private yacht, a floating fortress measuring 550ft with a $400m (€316m) price tag. Oliver Corlette, managing director of the project, hopes Abramovich will moor his yacht in Montenegro, given it is one of the few places big enough for it.
However, the country still faces some challenges before it can become a true home to the wealthy.
Markets are volatile and prime European property value has slipped 2.5% in the past six months, according to Nick Barnes at UK estate agent Knight Frank. Potential buyers of luxury accommodation have diminished in number.
The wealth of project sponsor Deripaska, worth $28bn in March, has also diminished and he has been forced to sell large stakes in several companies.
Andrea Marsten, director of real estate company Montenegro Property, says the timing of the liquidity crunch is unfortunate, but she doesn’t believe progress will be stunted.
She says: “The Munk development will breathe new life into the country. The planned development will benefit the region. Over the past four years people have been buying holiday homes and Montenegro will become desirable for the super rich.”
Tourist income in Montenegro is up by a fifth on last year, according to its Tourism Co-ordination Council. But Marsten says: “Planning laws are strict in Montenegro and the coastline is relatively small.”
Despite the presence of its rotting Cold War ships, the bay of Kotor is sufficiently beautiful to be protected by the United Nations Education, Scientific and Cultural Organisation. Several over-ambitious developers have been denied planning permission.
A pro-Serb opposition rally in Montenegro in October against the recognition of the independence of Kosovo – a former Serbian province – recently turned violent, leaving 37 people injured, including 26 police.
But Munk is unconcerned by the rallies, and still less by global recession.
“If you’ve got a yacht, you’re not going to sink it. You will either sell it or keep it, but it will still need to be kept somewhere.” www.efinancialnews.com/
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