Ex-manager blocks sale of Delta Maxi

Milka Forcan has successfully blocked Miroslav Miskovic from selling Delta Maxi, according to B92’s sources. Delta Maxi is the retail chain, a part of Serbia's largest privately held company, Delta Holding, owned by Miskovic. Ex-manager blocks sale of Delta Maxi Until two months ago when she left the company, Forcan was one of Miskovic's closest associates. The District Court in Nicosia, Cyprus, has implemented temporary measures for disallowing Hemslade Trading Limited to sell any part of Delta Holding. After Forcan blocked the work of the Delta Star company, the battle between her and her former close colleague Miskovic has gone one step further, and Miskovic is not able to sell Maxi currently. The decision by the Cypriot court was requested by Forcan’s husband Branko. Delta Holding attorney Nenad Popovic confirmed that these temporary measures were put in place in Cyprus, and confirmed that the measures were requested by Branko Forcan, the husband of Milka Forcan, also also previously employed by Delta. B92 found a conclusion on the website of the Agency for Business Registrars which states that the temporary measures exist in Cyprus, but that the must be confirmed by a Serbian court as well. Reports said earlier this week that Branko Forcan was seeking a share in Delta Maxi before it was sold. Previously, in her role as the Jugohemija company Board of Directors chairwoman, Milka Focan issues a bill of exchange worth EUR 5mn against another Delta Holding Unit, Delta Star, blocking the company's account. Serbia and Cyprus have ratified agreements on legal aid in civil and criminal matters, under which a Serbian court will also have to undertake proceedings started in Cyprus. On Wednesday, Delta Holding announced that it was ready to drop all suits for the protection of Jugohemija's assets if Board of Directors chairwoman Milka Forcan and her sister, Jugohemija Director Smiljka Mileusnic-Adzic, were to return those assets. Delta Star last week filed criminal charges against Forcan, Mileusnic-Adzic and Zvedan Cosic on suspicion of abuse of office, with their motive being their ownership relations in Jugohemija and in Delta Star. The Belgrade-based media is reporting that because of the dispute between Delta Holding owner Miroslav Miskovic and his former close associate Milka Forcan, the sale of Delta Maxi has been brought into question. Milka Forcan refuted Delta Holding's claim that she had illegally taken a portion of that company's assets by founding the firm Jugohemija Management. Delta Star, according to the data from the Central Securities Register, owns 77 percent of the capital of Jugohemija. The Cyprus-based Hemslade Trading Ltd., which is owned by Miroslav Miskovic, owns 60 percent of Delta Star shares, while 40 percent are controlled by the Form Communication company, which is registered in Delaware and is thought to be owned by Milka Forcan. Jugohemija, which is majority-owned by Delta Star, announced that it lent on a short-term basis RSD 478mn to that company but that the money was not repaid on time and the decision to issue a bill of exchange was reached "for the sake of protecting the company and its shareholders." Jugohemija on July 2 blocked the account of Delta Star because, as it said, Delta Star was late in repaying its USD 478mn debt.

Ex-manager blocks sale of Delta Maxi

Until two months ago when she left the company, Forcan was one of Mišković's closest associates.

The District Court in Nicosia, Cyprus, has implemented temporary measures for disallowing Hemslade Trading Limited to sell any part of Delta Holding.

After Forcan blocked the work of the Delta Star company, the battle between her and her former close colleague Mišković has gone one step further, and Mišković is not able to sell Maxi currently.

The decision by the Cypriot court was requested by Forcan’s husband Branko.

Delta Holding attorney Nenad Popović confirmed that these temporary measures were put in place in Cyprus, and confirmed that the measures were requested by Branko Forcan, the husband of Milka Forcan, also also previously employed by Delta.

B92 found a conclusion on the website of the Agency for Business Registrars which states that the temporary measures exist in Cyprus, but that the must be confirmed by a Serbian court as well.

Reports said earlier this week that Branko Forcan was seeking a share in Delta Maxi before it was sold.

Previously, in her role as the Jugohemija company Board of Directors chairwoman, Milka Focan issues a bill of exchange worth EUR 5mn against another Delta Holding Unit, Delta Star, blocking the company's account.

Serbia and Cyprus have ratified agreements on legal aid in civil and criminal matters, under which a Serbian court will also have to undertake proceedings started in Cyprus.

On Wednesday, Delta Holding announced that it was ready to drop all suits for the protection of Jugohemija's assets if Board of Directors chairwoman Milka Forcan and her sister, Jugohemija Director Smiljka Mileusnić-Adžić, were to return those assets.

Delta Star last week filed criminal charges against Forcan, Mileusnic-Adžić and Zvedan Ćosić on suspicion of abuse of office, with their motive being their ownership relations in Jugohemija and in Delta Star.

The Belgrade-based media is reporting that because of the dispute between Delta Holding owner Miroslav Mišković and his former close associate Milka Forcan, the sale of Delta Maxi has been brought into question.

Milka Forcan refuted Delta Holding's claim that she had illegally taken a portion of that company's assets by founding the firm Jugohemija Management.

Delta Star, according to the data from the Central Securities Register, owns 77 percent of the capital of Jugohemija. The Cyprus-based Hemslade Trading Ltd., which is owned by Miroslav Mišković, owns 60 percent of Delta Star shares, while 40 percent are controlled by the Form Communication company, which is registered in Delaware and is thought to be owned by Milka Forcan.

Jugohemija, which is majority-owned by Delta Star, announced that it lent on a short-term basis RSD 478mn to that company but that the money was not repaid on time and the decision to issue a bill of exchange was reached "for the sake of protecting the company and its shareholders."

Jugohemija on July 2 blocked the account of Delta Star because, as it said, Delta Star was late in repaying its USD 478mn debt.