Tender winners pull out of JRB deal

The Singapore-Cypriot Dahta consortium has pulled out of the purchase of the Yugoslav River Shipping Company (JRB).

Izvor: B92

Wednesday, 23.01.2008.

11:30

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The Singapore-Cypriot Dahta consortium has pulled out of the purchase of the Yugoslav River Shipping Company (JRB). The news has been confirmed by the Privatization Agency, who have announced that the consortium – made up of the Daxin and Tamoza companies – did not wish to cite their reasons for backing out of the purchase of a 70 percent holding in Serbia’s biggest river shipping company. Tender winners pull out of JRB deal Reporters from the B92 Investigates program recently looked into this controversial privatization. The deadline for signing a contract with the first-placed bidder expires on January 29. By then, under the law, the Privatization Agency is obliged to look into the legitimacy of the reasons cited for backing out of the deal. In the absence of any legitimate reasons, the Agency would then be entitled to retain Dahta’s deposit of EUR 300,000. The consortium has also until January 29 to return to negotiations, should it wish. If, by January 29, the first-placed bidder has failed to resume talks, the Agency would be obliged to begin negotiations with the second-placed bidder. Should they too withdraw, the JRB tender would have to be held a second time. Last weekend, B92 investigated a scandal linked to the company’s privatization. Second-place Palmali Shipping from Malta claimed that the copy of a contract proving that first-placed Dahta were active in the shipping industry was, in fact, a forgery. Being active in the industry was one of the prerequisites for participating in the JRB tender. Dahta offered EUR 32.25mn for the company, together with an investment of a further EUR 10mn. JRB is, in terms of size, the fourth largest along this stretch of the Danube. It owns 200 vessels, including 25 ships. The vessels have a total capacity of 250,000 tonnes.

Tender winners pull out of JRB deal

Reporters from the B92 Investigates program recently looked into this controversial privatization.

The deadline for signing a contract with the first-placed bidder expires on January 29. By then, under the law, the Privatization Agency is obliged to look into the legitimacy of the reasons cited for backing out of the deal.

In the absence of any legitimate reasons, the Agency would then be entitled to retain Dahta’s deposit of EUR 300,000.

The consortium has also until January 29 to return to negotiations, should it wish.

If, by January 29, the first-placed bidder has failed to resume talks, the Agency would be obliged to begin negotiations with the second-placed bidder. Should they too withdraw, the JRB tender would have to be held a second time.

Last weekend, B92 investigated a scandal linked to the company’s privatization. Second-place Palmali Shipping from Malta claimed that the copy of a contract proving that first-placed Dahta were active in the shipping industry was, in fact, a forgery.

Being active in the industry was one of the prerequisites for participating in the JRB tender.

Dahta offered EUR 32.25mn for the company, together with an investment of a further EUR 10mn.

JRB is, in terms of size, the fourth largest along this stretch of the Danube. It owns 200 vessels, including 25 ships. The vessels have a total capacity of 250,000 tonnes.

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