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Post by radovic on Dec 12, 2008 10:26:07 GMT -5
Montenegro Bails Out PM-Linked Bank Podgorica | 12 December 2008 | Email a friend Save article Print article Increase text size Decrease text size Montenegro's government on Thursday approved a short-term €44 million bail-out facility to Prva Banka, part owned by the Prime Minister's family, to overcome liquidity problems.
In return, the government would take 93.5 percent of the bank's shares as collateral, Finance Minister Igor Luksic told reporters after the government's session.
The loan was approved for a three-month period and could be extended to one year, Luksic said.
Prime Minister Milo Djukanovic's company Capital Invest holds 2.86 percent of Prva Banka's shares, while his brother, Aco Djukanovic, owns 46.48 percent.
Earlier this week, Prva Banka said it had liquidity problems that had caused trouble for some clients.
On Monday, Dutch-based MNSS B.V., the majority stakeholder in Montenegro's sole steel plant, said it would launch legal proceedings against Prva Banka for delays in processing payment.
Read more: Dutch-Based Firm to Sue Montenegro Bank
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tyson
Amicus
Posts: 1,256
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Post by tyson on Dec 13, 2008 20:21:17 GMT -5
so is this coz of the golbal financial crisis thing?....
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Post by ccccnjegoscccc on Dec 19, 2008 2:34:39 GMT -5
All Hail King Milo!
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Post by radovic on Dec 19, 2008 10:17:13 GMT -5
so is this coz of the golbal financial crisis thing?.... No. Unlike his corrupt criminal regime, the businesses he and his family own do not received aid from the EU and US and hence why the Djukanovic family can't run a business.
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