Delta Holding owner gives up on disputed land

BELGRADE Miroslav Miskovic’s Delreal company will give up on disputed land in New Belgrade after Bauhaus company terminated their contract. “After our foreign partner pulled out, Delreal company is no longer interested in the location," Delreal said in a release. Delta Holding owner gives up on disputed land "In accordance with valid regulations, the company will file a request to the city of Belgrade to end the right to use the land after which we expect the return of the paid compensation for the development of the land, increased by the interest rate and in accordance with appropriate laws,” reads the release. Delreal Deputy President Vojislav Glavinic told a press conference that German partner Bauhaus had informed the company in a letter on Tuesday that they had decided to pull out from the joint project because they could no longer extend deadlines and wait for a construction permit. According to Glavinic, the company expects the city to return the paid compensation for the use of land worth more than EUR 10mn and money invested in projects and contracts with foreign partners that amount to around EUR 1mn with default interest rate since 2001. He denied that Miskovic’s police questioning had anything to do with Dealreal’s decision to give up on the land, claiming that the only reason was the loss of interest. Glavinic stressed that Delreal had been waiting for the right to use the land to be converted into ownership right for more than two years because it was impossible to get the necessary construction permits without it. He added that Serbia had potentially lost investments worth more than EUR 100mn, that Delreal lost EUR 22mn and that the city lost more than 1,500 new jobs due to the decision of the German company to pull out. Miskovic was questioned by the police on Monday in connection with the Delreal case. Miroslav Miskovic (Beta, file) B92 Tanjug

Delta Holding owner gives up on disputed land

"In accordance with valid regulations, the company will file a request to the city of Belgrade to end the right to use the land after which we expect the return of the paid compensation for the development of the land, increased by the interest rate and in accordance with appropriate laws,” reads the release.

Delreal Deputy President Vojislav Glavinić told a press conference that German partner Bauhaus had informed the company in a letter on Tuesday that they had decided to pull out from the joint project because they could no longer extend deadlines and wait for a construction permit.

According to Glavinić, the company expects the city to return the paid compensation for the use of land worth more than EUR 10mn and money invested in projects and contracts with foreign partners that amount to around EUR 1mn with default interest rate since 2001.

He denied that Mišković’s police questioning had anything to do with Dealreal’s decision to give up on the land, claiming that the only reason was the loss of interest.

Glavinić stressed that Delreal had been waiting for the right to use the land to be converted into ownership right for more than two years because it was impossible to get the necessary construction permits without it.

He added that Serbia had potentially lost investments worth more than EUR 100mn, that Delreal lost EUR 22mn and that the city lost more than 1,500 new jobs due to the decision of the German company to pull out.

Mišković was questioned by the police on Monday in connection with the Delreal case.