"Legal action taken” after WAZ move

Germany's WAZ has taken over 23 percent of the shares of daily Vecernje Novosti from Milan Beko’s Ardus company. Germany's WAZ has taken over 23 percent of the shares of daily Vecernje Novosti from Milan Beko’s Ardus company. "Legal action taken” after WAZ move Through his three companies, Beko owns about 63 percent of the newspaper shares. The Serbian state owns the other 29 percent and the PIO Fund has a seven-percent stake. The newspaper has forwarded a statement from the legal representatives of Ardus, who said that WAZ obtained the shares illegally from an attorney’s office, without any documentation, adding that WAZ took over the entire Ardus company, and therefore the 23 percent in Novosti. The company stated that WAZ tried to do the same thing with another company earlier, but failed at doing so. The attorneys of the owners of the Belgrade company have taken legal action against WAZ. The Anti-Trust Commission has been asked to give its opinion and confirm that it has not made a decision on this action. The Belgrade lawyers also said that with these anti-Constitutional and violent acts, WAZ and Bodo Hombach are undermining Serba's legal system, and warned the Vienna office that they and the state of Austria might face lawsuits. The statement adds that the state institutions are expected to react promptly to the situation. WAZ has been in the news recently when it said it would withdraw from its Serbian operations, where it owns stakes in dailies Politika and Dnevnik, and denied that the move had to do with the economic crisis. WAZ confirms taking over Ardos WAZ Spokesman Paul Binder has confirmed that this media group completely took over Ardos company from Salzburg, Austria, which owns 24.9 percent of shares in Vecernje Novosti. WAZ is also trying to, “based on a valid contract with a Serbian businessman”, take over other two companies which also have shares in the daily, said the statement. WAZ announced several weeks ago that it had provided the money from its own funds for the purchase of about 62.4 percent of shares through those three companies. The German media group will “simply assure its ownership by taking over the companies”, said the statement. WAZ has announced that they will pull out their investments from Serbia and end their arrangement and that taking over of these three companies represents a part of their business policy. WAZ attempted to get the approval for concentration of its investment in Vecernje Novosti from the Serbian Commission for Protection of Competition, by filing two requests, first in January 2009, and then a year later. Since the approval was not granted, reports now say, the German company relies on a “Serbian businessman” against whom they launched an arbitration procedure in April 2010 in accordance with valid rules of the International Chamber of Commerce in Paris. WAZ has already announced several times that it would “not allow to be deprived of its economic rights in the process of withdrawal from Serbia”. Late on Monday, B92 reported the taking over of Novosti shares which belong to the Ardos company owned by Milan Beko. The Salzburg-based company however, claims that the takeover was a “scam”.

"Legal action taken” after WAZ move

Through his three companies, Beko owns about 63 percent of the newspaper shares.

The Serbian state owns the other 29 percent and the PIO Fund has a seven-percent stake.

The newspaper has forwarded a statement from the legal representatives of Ardus, who said that WAZ obtained the shares illegally from an attorney’s office, without any documentation, adding that WAZ took over the entire Ardus company, and therefore the 23 percent in Novosti.

The company stated that WAZ tried to do the same thing with another company earlier, but failed at doing so.

The attorneys of the owners of the Belgrade company have taken legal action against WAZ. The Anti-Trust Commission has been asked to give its opinion and confirm that it has not made a decision on this action.

The Belgrade lawyers also said that with these anti-Constitutional and violent acts, WAZ and Bodo Hombach are undermining Serba's legal system, and warned the Vienna office that they and the state of Austria might face lawsuits.

The statement adds that the state institutions are expected to react promptly to the situation.

WAZ has been in the news recently when it said it would withdraw from its Serbian operations, where it owns stakes in dailies Politika and Dnevnik, and denied that the move had to do with the economic crisis.

WAZ confirms taking over Ardos

WAZ Spokesman Paul Binder has confirmed that this media group completely took over Ardos company from Salzburg, Austria, which owns 24.9 percent of shares in Večernje Novosti.

WAZ is also trying to, “based on a valid contract with a Serbian businessman”, take over other two companies which also have shares in the daily, said the statement.

WAZ announced several weeks ago that it had provided the money from its own funds for the purchase of about 62.4 percent of shares through those three companies.

The German media group will “simply assure its ownership by taking over the companies”, said the statement. WAZ has announced that they will pull out their investments from Serbia and end their arrangement and that taking over of these three companies represents a part of their business policy.

WAZ attempted to get the approval for concentration of its investment in Večernje Novosti from the Serbian Commission for Protection of Competition, by filing two requests, first in January 2009, and then a year later.

Since the approval was not granted, reports now say, the German company relies on a “Serbian businessman” against whom they launched an arbitration procedure in April 2010 in accordance with valid rules of the International Chamber of Commerce in Paris.

WAZ has already announced several times that it would “not allow to be deprived of its economic rights in the process of withdrawal from Serbia”.

Late on Monday, B92 reported the taking over of Novosti shares which belong to the Ardos company owned by Milan Beko. The Salzburg-based company however, claims that the takeover was a “scam”.