Serbian businessman wins legal battle against WAZ

Milan Beko has announced that his companies that own a stake in the Belgrade-based media outlet Novosti had won an arbitrage case launched by the WAZ group.

Izvor: Beta

Thursday, 17.05.2012.

17:48

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Milan Beko has announced that his companies that own a stake in the Belgrade-based media outlet Novosti had won an arbitrage case launched by the WAZ group. "We are pleased with the victory in the arbitrage in Vienna (Austria). We have just received the decision in the litigation case that the German media company WAZ has been conducting against us for some time, related to the Novosti company," a statement said on Thursday. Serbian businessman wins legal battle against WAZ It was released by Port of Belgrade (Luka Beograd) - another company owned by Beko. The statement added that WAZ had submitted nine requests to the arbitrage authorities, aimed against Beko's companies that own Novosti, alleging breach of contract and damages to the group's business interests. "We are intent on defending Novosti from an unethical takeover, and from (attempts) of the most powerful business and political group in the country to make the newspaper a courier," the release further states. Beko acquired a majority stake in Novosti in 2006, via three of his companies registered abroad. The Anti-Corruption Council said the privatization was controversial, while the European Union request it to be "reexamined". The Securities Commission last year ordered Beko to submit an offer to sell his stake that exceeded 25 percent, which he is yet to comply with. In the meantime, the businessman has been stripped of his right to manage that portion of his ownership of the media company, effectively rendering the state the largest single shareholder in Novosti. Representatives of WAZ claimed that the group had an agreement with Beko about the sale of his stake in the company, but the Commission for Protection of Competition rejected the German group's request to acquire a majority share in Novosti. Milan Beko (Tanjug, file) Beta

Serbian businessman wins legal battle against WAZ

It was released by Port of Belgrade (Luka Beograd) - another company owned by Beko.

The statement added that WAZ had submitted nine requests to the arbitrage authorities, aimed against Beko's companies that own Novosti, alleging breach of contract and damages to the group's business interests.

"We are intent on defending Novosti from an unethical takeover, and from (attempts) of the most powerful business and political group in the country to make the newspaper a courier," the release further states.

Beko acquired a majority stake in Novosti in 2006, via three of his companies registered abroad. The Anti-Corruption Council said the privatization was controversial, while the European Union request it to be "reexamined".

The Securities Commission last year ordered Beko to submit an offer to sell his stake that exceeded 25 percent, which he is yet to comply with. In the meantime, the businessman has been stripped of his right to manage that portion of his ownership of the media company, effectively rendering the state the largest single shareholder in Novosti.

Representatives of WAZ claimed that the group had an agreement with Beko about the sale of his stake in the company, but the Commission for Protection of Competition rejected the German group's request to acquire a majority share in Novosti.

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