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(E) Illegally confiscated INA's property to be sold in Serbia
By Nenad N. Bach | Published  04/24/2003 | Politics | Unrated
(E) Illegally confiscated INA's property to be sold in Serbia

Illegally confiscated INA's property to be sold in Serbia 


ZAGREB, April 23 (Hina) - Croatia's oil industry Ina on Wednesday voiced its dissatisfaction with the decision of a Serbian government agency toprivatize the Beopetrol oil company, i.e. Ina's property which was illegally confiscated in 1990. "We are profoundly embittered about the decision of the SerbianPrivatization Agency, the more so because encouraging signals were coming through (from the Serbian government) that the issue would be solved on the bases of legal facts," Ina's public relations office said in a statement. 

The Serbian agency yesterday published a public bid for the sale of a majority of Beopetrol's shares. "It is evident that they changed the name of Ina's property, which was illegally confiscated on December 7, 1990, but it was always the same corporate entity," says the statement. 

Ina recalls that it filed a timely appeal to the December 7, 1990 decision, contesting theorganization of a new company on Ina's property. But the Serbian Higher Commercial Court dismissed the appeal. Ina never received any feedback from the then Serbian chief prosecutor about Ina's request to protect the legality of transactions. 

Ina's property in Serbia consists of 194 petrol stations, several warehouses, facilities and other investments into long-term property, such as transport, flats, etc. The Croatian oil company stresses that it has warned numerous times the domestic and foreign public, business partners and companies which expressed or will express interest for the purchase of Beopetrol, particularly competent bodies of both countries, about the illegal seizure of its property. 

"We are adamant about us having the right to our property, which means that we will continue to undertake all legal measures to repossess our property, before competent Serbian bodies and all international institutions which are in charge of protecting the property and material rights of individuals and legal entities. We expect Croatia's competent organs to join in our repeated stands," the statement said. (hina) lml sb 

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