million euros – Apartman Beograd Sat, 05 Mar 2022 02:23:33 +0000 en-US hourly 1 million euros – Apartman Beograd 32 32 Croatia’s Arena Hospitality swings to negative after-tax profit in 2021 Fri, 04 Mar 2022 13:07:00 +0000

ZAGREB (Croatia), March 4 (SeeNews) – The Croatian hotelier Arena Hospitality [ZSE:ARNT] posted a consolidated profit after tax of 31.5 million kuna ($4.6 million/4.2 million euros) for last year, after a loss of 227.3 million kuna for 2020.

After-tax profit recovered slightly to 21% from 2019’s pre-pandemic level, the company said in its annual financial report for 2021 earlier this week.

“Arena Hospitality Group and its consolidated subsidiaries delivered a strong overall performance in 2021, at a time when the Covid-19 pandemic continued to impact the entire group,” said Boris Ivesha, Chairman of the Board. group monitoring. The report.

The group’s revenue improved significantly to 460.7 million kuna, up 93.3% year-on-year but still 59% of the level before the 2019 pandemic.

Accommodation revenue increased by 99.6% year-on-year to 384 million kuna in 2021, thanks to a 10.2% growth in the average daily rate to 590.7 kuna and an increase in the rate of occupancy at 33.1%, compared to 25.4% in 2020.

EBITDA improved to 163.4 million kuna last year, compared to 18.3 million kuna in 2020, and represents 71% of 2019 EBITDA.

The company owns, co-owns, rents, operates and develops hotels, independent holiday apartment complexes and campsites in Croatia, Germany, Hungary, Serbia and Austria. Most of its capabilities are based in Croatia.

Its majority shareholder is the Dutch international hospitality real estate company PPHE Hotel Group.

Arena Hospitality shares traded down 2.21% to 266 kuna on the Zagreb stock exchange on Friday afternoon in a bear market as the Russian invasion of Ukraine continued for a ninth day.

Arena is part of the main stock index of the Zagreb Stock Exchange, the Crobex

(1 euro = 7.557 Croatian kuna)

Israeli investor buys Delta City Mall Podgorica in Montenegro for 95 million euros Tue, 22 Feb 2022 08:52:00 +0000

PODGORICA (Montenegro), February 22 (SeeNews) – Israeli company BIG Shopping Centers has announced that it has signed an agreement to acquire Delta City Mall Podgorica in Montenegro for 95 million euros ($108 million).

BIG Shopping Centers will acquire the company through CEE-BIG BV, a company in which it has a 95% stake, and will use a bank loan to finance 57 million euros of the purchase price, it said on Sunday. in a press release.

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“BIG’s entry into Montenegro is another step in the implementation of the company’s strategy to expand its activities in the Balkans and Eastern Europe. BIG continues to locate strategic projects in order to increase its market power, thanks to which, together with the success achieved in Serbia, it is one of the leading real estate companies in the Balkan region,” said CEO Hay Galis.

In December, UK-based Hystead Limited, majority-owned by South African real estate investment trust (REIT) Hyprop Investments, said it expected to complete the sale of Delta City Mall Podgorica in Montenegro in the first quarter of 2022. Firm offer to sell its entire stake in the entity owning Delta City Mall Podgorica, based on a gross land value of 95 million euros, he said at the time.

Hystead acquired Delta City Mall Belgrade and Delta City Mall Podgorica from Serbia’s Delta Holding for €127.8 million in February 2016.

($ = 0.880395 euros)

Piraeus Bank buys additional stake in property company Trastor By Reuters Fri, 21 Jan 2022 08:46:00 +0000

© Reuters.

ATHENS (Reuters) – Piraeus Bank has reached an agreement with investment firm Varde Partners to buy its controlling stake in Trastor Real Estate Investment Company for around 98 million euros ($111.04 million), it said on Friday. the bank.

Under the deal, Piraeus, which now has a 45% stake in Trastor, will acquire an additional 52% stake in Trastor, he said.

Once completed, the transaction will trigger a mandatory takeover bid from Piraeus to buy the remaining 3% stake in Trastor.

Piraeus Bank CEO Christos Megalou said the transaction would instantly improve the bank’s fee income profile and further strengthen its know-how in the property sector.

($1 = 0.8825 euros)

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Illicit crime money ‘circulates’ through Bosnia, Serbia and Montenegro – Report Wed, 19 Jan 2022 08:00:00 +0000

Drawing. Photo:

Millions of euros generated by corruption, tax evasion and organized crime pass through Bosnia and Herzegovina, Montenegro and Serbia each year, a new report of the Global Initiative against Transnational Organized Crime, GI-TOCreleased Wednesday, said.

The NGO’s report,Illicit Financial Flows in Bosnia and Herzegovina, Montenegro and Serbia: Main Drivers and Current Trends”, notes three main components of illicit financial flows: corruption, tax evasion and evasion, and illegal markets and exploitation. The report focuses on three case studies for each country.

In Serbia, he said, infrastructure and construction are important sources of illicit money. “A number of project construction contracts were reportedly awarded to Chinese and Russian contractors in exchange for loans,” the report said. “In addition, key assets sold to European investors may have been subject to political influence and sub-optimal pricing,” he adds.

Regarding Bosnia and Herzegovina, GI-TOC experts found that “some public money is channeled to non-governmental organizations (NGOs) and civil society organizations (CSOs) on the basis of political patronage “.

She took note of a case study concerning the canton of Sarajevo.

“The municipality’s 2021 budget was 20 million euros, of which (according to confidential information) around 410,000 euros are regularly disbursed to CSOs without public consultation or competition,” the report said.

A view of ongoing construction work on Belgrade’s waterfront in July 2017. Photo: EPA/KOCA SULEJMANOVIC

In Montenegro, he says, “the defense industry is considered a very high governance risk due to a number of scandals”. The report notes that in 2013 Montenegro abolished a law that restricted foreign investment to more than 49% in national defense companies. “It allowed foreign companies to enter a market already plagued by corruption scandals linked to a general lack of transparency.”

According to GI-TOC, tax evasion is widely reported in Bosnia and Herzegovina and Serbia. “Employees were officially paid a minimum wage, which was supplemented by cash payments, or taxi fares were simply underreported,” the report said.

With regard to organized crime, in all three countries, the trafficking of drugs, arms and migrants, as well as illicit goods such as tobacco, but also the smuggling of legal goods, are identified as important elements of financial embezzlement.

Regarding channels and methods of illicit financial flows, “most money laundering schemes involve the use of the financial system at some stage in the transaction process”.

The report notes that, to combat illegal activity, banks in all three countries require proof of the origin of the money for amounts over 15,000 euros, “and larger transactions automatically trigger a suspicious transaction report. .

“However, this system is usually circumvented, as criminal actors split the transaction into several smaller transactions and transfer the money between different accounts, local and foreign, in order to increase the appearance of legality,” the report said.

The report also notes that “investments in construction and real estate have long absorbed illegal income in the Western Balkans”.

“The real estate sector in Serbia has grown at an unusually high rate since 2018,” he observes.

“Construction continued despite COVID-19 in 2020, although many newly constructed buildings remain empty,” the report said.

With regard to Bosnia, the report indicates that in Sarajevo “many newly constructed buildings remain empty or unfinished”.

“It is reported that the local real estate market has attracted not only local criminal actors, but also internationally operating drug trafficking groups and foreign investors.” In Montenegro too, the report mentions serious concerns in this regard.

“The Kavac and Skaljari clans are known to own different types of real estate across the country, valued at 27 million euros by the prosecution,” he said, referring to two notorious criminal gangs.

Novak Djokovic’s real estate portfolio Mon, 17 Jan 2022 07:12:36 +0000

The tennis star loved the design and location of the New York apartments.Credit:565 Broome Soho/Bizzi & Partners.

“I love the design of these two buildings and their location is fantastic,” Djokovic said in a statement at the time. “New York and Miami are on my travel list every year, and it will be exciting to have a place to come back to.”

The apartments at 565 Broome Soho reportedly cost Djokovic more than $10 million and were located on the upper floors of the 30-story development. They were not adjacent to each other and therefore could not be combined.

The development does not have a tennis court but does have a fitness center with a yoga studio, an indoor heated pool with steam room and sauna, and other amenities like 24-hour concierge service , automated parking and a library.

565 Broom Soho features a heated swimming pool and a health club with a gym and yoga studio.

565 Broom Soho features a heated swimming pool and a health club with a gym and yoga studio.Credit:565 Broome Soho/Bizzi & Partners

Back in Serbia, he would have spent €545,000 on a three-bedroom penthouse in Belgrade with terrace and swimming pool in 2018, while local media report he also recently built a sprawling villa on the shores of a private lake in Vojvodina, in the north of the country.

The Marbella mansion was reportedly rented and then bought by Djokovic for 10 million euros.

The Marbella mansion was reportedly rented and then bought by Djokovic for 10 million euros.Credit:NB1 Rental Marbella.

During this time, Spanish media reported in 2020 that Djokovic was set to make Marbella, on Spain’s southern Costa del Sol, his home base after spending more than 10 million euros on a nine-bedroom villa he has rented out during lockdown.

Djokovic and his wife Jelena shared glimpses of the home on social media at the start of the pandemic, sharing videos of themselves playing tennis, dancing and doing a bit of acro yoga on the living room floor.

The house in southern Spain has a tennis court.

The house in southern Spain has a tennis court. Credit:Rental NB1 Marbella

Djokovic was also training spotted in Marbella during the holidays before leaving for Melbourne.

The property has mountain and sea views and has a tennis court as well as a swimming pool, cinema room, guest house, gym and restaurant. sauna.

The Marbella property has a cinema room, as well as a billiard room and a games room.

The Marbella property has a cinema room, as well as a billiard room and a games room. Credit:Pure life properties.

We know less about his residence in Monte-Carlo, his base for fifteen years. Djokovic owns a hillside house in the famous tax haven, which offers views of the Mediterranean Sea.



Julius Meinl Living PLC, through its group companies, acquires prime real estate assets to be developed into serviced residences which the group will then operate itself (“Julius Meinl Living”).

2021 continued to provide a challenging environment for the hospitality industry. While Covid-related travel restrictions have been relaxed throughout the year, frequent regulatory changes and the possibility of further lockdowns in the last quarter of the year have left their mark on demand for travel services. In this context, Julius Meinl Living has moved forward to define its market place and deploy a product perfectly suited to the current state of the hospitality sector.

A brand full of tradition with a contemporary look and feel

After careful consideration and consumer testing, Julius Meinl Living recently unveiled its branding strategy. The flagship properties will be known as “The Julius”; an obvious choice in a way, but which was only taken after having assessed the expectations of consumers and associations and integrated it into an overall brand development plan.

“The Julius” builds on the Julius Meinl family’s 160 years of activity as pioneers in consumer goods and retail and the creators of the Viennese large food store Julius Meinl am Graben. “Le Julius” builds on the legacy of service, quality and innovation resulting from this activity and marks the family’s first entry into the world of travel and hospitality.

“The Julius” balances luxury and modern design with warmth, comfort and convenience. Evoking the timeless standard and spirit of European hospitality through a modern mindset, ‘The Julius’ offers a place to relax, explore, work and treat yourself like home in the city.

Representing new generation hospitality focused on design, “The Julius” offers short and long term stays in generously sized residences. Recognizing the importance of flexibility for the modern traveler, ‘The Julius’ offers technological services, automatic check-in and contactless entry to rooms, as well as on-site shops and restaurants, stocked with premium House products. of Julius Meinl. Spacious common areas, chill out lounges, and professional coworking spaces allow clients to network, meet like-minded people, or just unplug.

Whether you’re staying for a night, a month, or more, guests will experience the freedom of apartment living, with hassle-free access, easy-to-use technology, and flexible amenities. Each booking is tailored to the customer’s needs and preferences, offering options such as an individual address for deliveries and step-by-step guides to help navigate the city as a local.

In each city where “The Julius” opens, it will retain these same essential elements, while reflecting in its design the tone, history and ambiance of each city.

Opening of Prague – Opening of the world

Julius Meinl Living’s first flagship property is located at Senovazne Namesti 3 in the heart of Prague. The property is known as ‘The Julius Prague’ and occupies a redesigned art deco building designed by leading Italian architects Matteo Thun & Partners. A central, light-flooded veranda sits at the heart of the building and guides guests to 168 individual residences, with separate living and sleeping areas, and many of them feature open-plan kitchens. The residences, common areas and restaurants offer soft furnishings and an autumnal color palette, inspired by the works of famous Czech artist Alphonse Mucha. World-class amenities are combined with stylish yet warm elements such as oak floors, soft linen linens, and contemporary bathrooms.

The Julius Prague enters service with a smooth opening, with a “grand opening” scheduled for spring 2022.

Further information on Julius Prague is available at www.the, where reservations are pending.

Good start in Budapest

The acquisition of the property from Julius Meinl Living in Budapest was completed in August 2021. Since then the property has benefited from a pickup in demand, linked to the lifting of local foreclosure restrictions, but also active marketing and Julius Meinl Living’s refined pricing strategy. The property is now trading up to 2019 levels on a still profitable basis.

The property is currently known as “Escala Hotel & Suites”. Occupying a lower price and having a less central location than “The Julius” properties, l’Escala will not be renamed “The Julius”. Instead, Julius Meinl Living has initiated the evaluation of alternative brands and a mid-range concept that will allow the property to be featured alongside “The Julius” as part of a multi-brand strategy.

At the same time, Julius Meinl Living is currently finalizing a renovation of the building to be carried out in three phases: the technical installations, the common areas then the 50 apartments of the building. The works will be carried out during the year 2022 and the property is expected to remain open throughout the year.

End of the Belgrade project

Through its Serbian subsidiary, Julius Meinl Living had undertaken to acquire a suitable property for “The Julius” in Belgrade by means of a forward purchase contract. The property was part of a large-scale multifunctional urban development next to the Belgrade Castle known as the K-District. The Covid-related delays in the construction of the property have given rise to a disagreement with the developer of the property, Kalemagdan Development, on how to achieve a speedy and cost-effective completion of the property. Julius Meinl Living conducted a review and came to the conclusion that prolonged legal litigation and further delay of the project would not be the right way to deploy its resources. A decision was made to withdraw from the project and in response to this situation Julius Meinl Living agreed to the mutual termination of his contract with Kalemagdan Development.

Julius Meinl Living has not made any significant payments to Kalemagdan Development during the term of his contract with the Company and does not make or receive any payments as a result of the mutual termination of this contract.

As a result of the termination of this contract, Julius Meinl Living will write off in its 2021 accounts the modest fair value gain of 2.4 million euros recorded in relation to the Belgrade building in its 2020 accounts. However, it is expected that in the 2021 accounts, substantial fair value gains on the Prague and Budapest properties will more than offset this loss and an overall net fair value gain will again be recorded.

Building on the achievements of 2021

Julius Meinl Living continues to work to identify additional flagship properties that can be acquired for possible exploitation under the Julius brand.

At the same time, and in order to capitalize on the success of the acquisition of the Escala Hotel & Suites in Budapest, Julius Meinl Living is also looking for other opportunistic acquisitions of serviced residences. These properties will likely use the same name as the current Escala Hotel & Suites eventually, once it has been renamed.

A number of flagship and opportunistic acquisitions in major cities in Central and Eastern Europe are under consideration, as well as in Western Europe. Julius Meinl Living’s outlook remains focused on expansion and growth and the termination of the contract for the Belgrade property does not change the strategy and goals of Julius Meinl Living. 2021 was a decisive year for Julius Meinl Living in terms of preparing for operations, establishing its brand in the market and meeting the expectations of investors and customers.

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© 2022 News


The best RFE / RL surveys of the year Sun, 26 Dec 2021 15:05:03 +0000


There is a problem with the remote and sprawling network of pipelines and pumping stations that helps Russia move its vast oil resources, making it the world’s second-largest exporter of crude.

People are stealing oil.

And it’s not just ordinary citizens: they are sophisticated organized criminal groups, operating under the protection of law enforcement agents, including Russia’s main security agency, the FSB, siphoning off oil using illegal taps and pipes, pumping liquid booty from pipelines into tankers or river barges.

And it’s not just a few barrels.

According to one estimate, by state bank VTB Capital, up to $ 3.5 billion is lost each year due to oil theft. Losses for the Russian budget? As much as $ 1.2 billion a year.

This extraordinary discovery came from the exclusive work of the Russian Service of RFE / RL.

The great heist of Russian oil

It is one of more than a dozen major surveys conducted this year throughout Central and Eastern Europe, Russia, the Caucasus and South and Central Asia by RFE / RL reporters.

In which European cities have politically connected insiders in Kazakhstan put their money? Who was actually behind the unsolved macabre murders of Iranian intellectuals around the world between 1988 and 1998?

Here are some of the other highlights of RFE / RL’s investigative work over the past year.

The gruesome murder of an iconic Iranian dissident

When German police entered the Bonn apartment on August 6, 1992, they found the body of a famous Iranian artist, poet and dissident who had fled his home country after the 1979 Islamic Revolution.

It was quite shocking to find a switchblade in Fereydoun Farrokhzad’s shoulder and another knife in his mouth. What was worse: The stove burners had been left on for days, heating up the kitchen and, indeed, cooking his rotting corpse.

A two-year survey by Radio Farda from RFE / RL revealed that German police believed Farrokhzad’s murder – one in a series of murders and disappearances of Iranian dissidents around the world – bore the hallmark of Iranian intelligence services. It remains unresolved nearly three decades later.

A former Iranian intelligence agent also told Farda that Iranian security services deployed another Iranian emigrant who was acquainted with Farrokhzad to carry out the murder.

The results did not only subject the underground work of Iranian intelligence teams to new scrutiny. They also renewed attention to the life of Farrokhzad, a figure who broke the norms and taboos of Iranian society, including speaking openly about his sexuality – and was a vocal critic of the Iranian clerical regime.

From Budapest to Zakarpatska

For more than a decade, starting in 2011, the government of Hungarian Prime Minister Viktor Orban – and public funds allied to his political party – have sent hundreds of millions of euros to Hungarian diaspora communities in countries of Eastern Europe: Slovakia, Romania, Croatia, Serbia and Slovenia.

And Ukraine.

About 150,000 ethnic Hungarians live in the western Zakarpattia region, which borders Hungary. The problem took on a political tinge there, as some local Hungarians grew angry at government regulations on the use of languages ​​other than Ukrainian, especially in education.

Ukrainian security services, meanwhile, have raided Hungarian cultural groups in the past, alleging allusions to a separatist movement.

Rely on the numbers first compiled by a consortium of journalistic organizations in Eastern Europe, the investigation unit – managed by the Ukrainian service of RFE / RL in cooperation with UA: Pershy television – discovered that the Hungarian public fund known as Bethlen Gabor sent 115 million euros to Hungarian ethnic communities in western Ukraine.

Some of the funding seemed benign – for example, the renovation of kindergartens where Hungarian Ukrainians can teach their children the Hungarian language and culture. Other funding has a more political tinge: for example, the funding of billboards for a Hungarian ethnic political party that has become more nationalist in recent years.

“When such money is invested, it certainly presupposes influence and loyalty,” an expert told RFE / RL.

The big houses, the deep pockets of the Kazakh elite

Prior to his resignation from the presidency in 2017, Nursultan Nazarbayev was the sole ruler of Kazakhstan. As the country’s first post-Soviet president, he was an unrivaled figure who presided over the remarkable growth in prosperity of the Central Asian nation – growth fueled in large part by its enormous reserves of oil and gas.

But the new prosperity came more often to political insiders and those close to Nazarbayev, who parked their millions – often accumulated under questionable circumstances – in mansions and villas abroad.

Over the past two decades, those close to Nazarbayev have bought hundreds of millions of dollars in posh real estate in Europe and the United States: a constellation of upscale properties on luxurious lakeside, amid skyscrapers. -sky Manhattan, the tony suburbs of London and overlooking the azure waters of the Spanish Costa Brava.

RFE / RL identified at least $ 785 million in real estate purchases in Europe and the United States made by Nazarbayev’s family members and their in-laws in six countries over a 20-year period.

The figure includes a handful of properties that have since been sold, including multi-million dollar apartments in the United States bought by Nazarbayev’s brother Bolat. It does not include a large Spanish estate owned by Nazarbayev’s son-in-law, Timur Kulibaev, for which no purchase price could be found.

The findings provide an unprecedented window into the scale of real estate investments by those close to Nazarbayev and the number of people close to the ruling Kazakhstan family who have found themselves with luxury assets in exclusive locations.

“It is difficult to separate the government from the [Nazarbaev] family, ”a longtime Kazakh rights expert told RFE / RL.

Blackmail, rape, suicide in Central Asia

The global webcam industry – where customers around the world pay people, women or men, to chat, undress, and often perform sex acts on camera – generates billions of dollars every year.

In Central Asia, the Kyrgyz capital, Bishkek, and the economic capital of neighboring Kazakhstan, Almaty, have become regional hubs for webcam studios.

In Kyrgyzstan, up to 5,000 young women are thought to work as “webcam models”, many of whom are trying to make ends meet in a country where nearly a third of the population lives in poverty.

A RFE / RL Kyrgyz Service survey explored how many of these women are essentially drawn into some sort of modern day slavery and face abuse, blackmail and, in some cases, rape.

Many women are afraid to go to the police, fearing that they will be exploited or extorted for money.

“There are so many young women whose parents are sick, who have disabled children. They really need the money,” said one woman who has since quit working in the webcam industry.

Manganese Mayhem in Georgia

It’s one of Georgia’s largest industrial operations: a massive manganese mine in a western district that activists and locals say has caused large-scale pollution and environmental damage for years. .

The Georgian Manganese LLC ore mine in the town of Chiatura also happens to be controlled by a group of companies closely linked to the Georgian Dream political party, which has dominated the country’s politics since 2012.

With previous ownership going back to a dark American company owned by a Ukrainian billionaire, Georgian Manganese LLC has been fined hundreds of millions of dollars in recent years from regulators – fines that have been mysteriously reduced.

The company has been the subject of numerous allegations of labor violations.

Georgian service of RFE / RL spent months digging through company registers, property records and regulatory records to show how the group of companies linked to Georgian Dream conspired to take control of the mine while flouting environmental regulations – to the detriment of neighboring villagers.

The secret refuge of the Uzbek president in the mountains

Exactly a month after taking the oath of office as Uzbekistan’s second ruler since the fall of the Soviet Union in 1991, President Shavkat Mirziyoev delivered a speech at a joint session of parliament.

His January 2017 speech touched on many issues, not the least of which is fiscal responsibility.

A few weeks after the speech, however, Uzbek state-owned companies embarked on a secret project that raised serious questions about Mirziyoev’s sincerity: a secluded and exclusive mountain resort, including a new reservoir, which was built for the use of Mirziyoev.

The leisure complex was discovered as part of a multi-part investigation by the Uzbek service of RFE / RL, who spoke to many sources directly involved or familiar with the opaque funded project located on a protected biosphere reserve and isolated from the public by roadblocks and security personnel.

Two sources put the development cost at several hundred million dollars, though only a handful of publicly available official documents even refer to the complex and adjacent reservoir, which were largely completed in 2019.

The investigation also revealed part of the human cost of the project, including water disturbances experienced by villagers downstream and the displacement of a family known for its management of the region’s ecosystem.


An overview of the reports from Pandora Papers from Eastern Europe Wed, 22 Dec 2021 12:59:50 +0000


Offshore financial activities linked to prominent politicians, state-owned companies, trade deals with the government, and lucrative real estate all featured prominently in Pandora Papers reporting by journalists from Eastern Europe. – a region which faces some of the most serious threats to press freedom in the world.

The Pandora Papers are the largest document leak on record from offshore havens, consisting of nearly 12 million documents from law firms and financial advisers that facilitate the creation of offshore shell companies. It is also the largest collaboration ever for the ICIJ, with more than 600 journalists from 117 participating countries.

Here are some highlights from Pandora Papers from journalists in Eastern Europe and Central Asia.


The Central Asia Organized Crime and Corruption Reporting Project exposed an extensive network of offshore companies who helped three children and two close associates of Azerbaijani President Ilham Aliyev acquire luxury penthouses and commercial offices in the heart of London. Pandora Papers documents reveal how these properties were owned by an interconnected network of 84 offshore companies.


Belsat journalists in Belarus, directly targeted by pro-government propagandists, lucrative relationships exposed between Belarusian President Alexander Lukashenko and a close ally in Zimbabwe. The son of Lukashenko’s right-hand man Viktor Sheiman made trade deals with the Zimbabwean government through a company he owned and another well-connected figure who stood to gain from a controversial gold venture .


In Bulgaria, BIRD exposed three offshore companies who belonged to a former lawmaker and media mogul Delyan peevski, who failed to report them in their property declarations. BIRD also discovered two BVI companies formed by peevski’s mother, and explained how former Bulgarian minister Nikolay Mladenov registered an offshore company in Seychelles, not all of which were reported.


The new partners of the ICIJ at MANS exposed how Montenegrin President Milo Djukanovic and his son Blazo created secret contracts that helped them manage their assets by hiding them behind a network of companies in five different countries: UK, Switzerland, British Virgin Islands, Panama and Gibraltar. Djukanovic is one of 35 current and former presidents and prime ministers whose offshore transactions have been exposed in the Pandora Papers.


Russian investigative media IStories, in collaboration with ICIJ and other Pandora Papers partners, investigation how the director of a state television network, Constantin Ernst, was the beneficiary of an offshore company in the British Virgin Islands which participated in a grandiose project to demolish Soviet cinemas in Moscow and build shopping centers in their place. Russian state banks provided tens of billions of rubles for the project.

IStories also discovered how the daughter and former son-in-law of Nikolai Tokarev, the head of the Transneft pipeline, became Cypriot citizens the same year, the company fell under European Union sanctions. Over the years, the secret societies of Tokarev’s son-in-law received several billion rubles under contracts with Transneft and its companies.

Amid their reporting on the offshore deals of powerful Russian businessmen, the ICIJ partners have been named “foreign agents,” a designation used by Russian authorities to pressure journalists and subject them to reports. expensive financials.


Serbian Minister of Finance and former Mayor of Belgrade Sinisa Mali, has already been exposed for the purchase of 24 apartments by the sea in “Sveti Nikola” in Bulgaria. Serbian journalists from KRIK, another investigative center constantly under attack by pro-government media, confirmed by Pandora Papers that Mali owned the two offshore companies that bought the apartments.


The Slovenian store OÅ¡tro has established a new center in Croatia to publish the country’s Pandora Papers articles. Together they exposed the beneficial owners of a leading real estate developer, Jadranka. They revealed the involvement of the Perenčević brothers, directors of Velesstroy, a Russian pipeline construction company working with the Transneft monopoly, and how they transferred millions of euros to Croatia via offshore entities. The investigation also revealed how a dividend of 3.1 million euros to the shareholder of Velestroy was sent to Croatia for urgent repairs in the event of a fire at the most luxurious hotel on the island, but the actual damage was officially assessed at less than 27,000 euros.


Ukrainian journalists from Slidstvo published a series of articles on Pandora Papers which reveal hidden offshore business activities of President Volodymyr ZelenskyyZelenskyy’s entourage and his close associates may have been involved in the transfer of $ 40 million from structures linked to the oligarch Igor Kolomoisky and others.


Sunce Hotels invests 44.2 million euros in the renovation of its facilities Mon, 20 Dec 2021 07:31:35 +0000


December 20, 2021 – Dalmatian hotel brand Sunce plans to invest a huge amount of money in the general ‘redevelopment’ of their many facilities with the hope that 2022 will be the year that tourism and travel return to pre-pandemic standards.

Like Jozo Vrdoljak / Novac / Jutarnji List writes, Sunce hotels informed the Zagreb Stock Exchange that their supervisory board has approved investments to further improve the quality and services in the company’s facilities for the year 2022 for a significant amount of 44.2 million d ‘euros.

The largest amount, up to 13.6 million euros, is expected to be invested in the Elaphusa hotel in Bol sur Brac, followed by the Soline hotel in Brela, for which 9.7 million euros have been invested. reserved. The third largest investment concerns the Borak hotel in Bol for 7.9 million euros, and 6.7 million euros will be invested in the Maestral hotel in Brela. Around 2.5 million euros will be invested in the Kastelet hotel, and 150,000 euros in Neptune. 2.9 million euros will be invested in employee housing, and around 800,000 euros will be injected into other support investments.

They explained from Sunce hotels that these investments confirm the intentions of their majority shareholders to develop the future activities of the company by strengthening their position in the market by the establishment of new and existing capacities and services, as well as of continue to invest in improving the quality of accommodation for their employees.

Out of a total investment of 44 million euros, it is planned to raise around 29 million by capital increase through the issue of new shares, on the occasion of which an extraordinary general meeting of the joint stock company has been convened. As for the rest of the funds, Sunce Hotels plan to raise funds by borrowing from commercial banks, using the option to withdraw funds for this purpose as agreed upon when refinancing the company’s financial obligations on November 2, 2021.

Hrvoje Veselko, member of the board of directors of Sunce hotels, explained that all these investments will be mainly focused on the refreshing of the existing accommodation units of the company, that is, on what leaves a real impression on customers.

These are not investments in additional capacity, that is to say investments that require obtaining possible permits. All this concerns mainly the furnishing of the rooms with new furniture, the refreshing of our hotel rooms, the reconstruction of the bathrooms, the decoration and refreshing of the common and public spaces, the horticultural planning and similar investments. We have chosen the least invasive path because it is important for us to complete most of these investments by the start of the summer season next year, i.e. May 15, 2022 ”, Hrvoje Veselko explained.

Under the Bluesun Hotels & Resorts brand, Sunce Hotels operates 11 hotels along the Croatian Adriatic coast, one campsite and one leased establishment, for a total of 2,973 accommodation units, making it one of the largest hotel companies from all over the Republic of Croatia. They also own 50.2% of Brac airport. In addition to tourist facilities in Tucepi, Brela, Starigrad Paklenica and Bol on the island of Brac, they are in joint venture with tour operator TUI AG and have a high-end hotel, TUI Blue Jadran, with 161 units in ‘accommodation to brag about.

Since March of this year, the majority owner of Sunce Hotels has changed to Eagle Hills Real Estate, which has taken over the stake from Jako Andabak’s family for around 101 million euros. Eagle Hills Real Estate is engaged in real estate investment and property development with a focus on the European, Middle Eastern and African markets, and is led by Mohamed Ali Rashed Alabbar, who currently manages development in the United Arab Emirates, Egypt, Serbia and a few other destinations. These are mixed installations worth 50 billion euros. The company intended to build Zagreb’s so-called ‘Manhattan’, and is also known for the Belgrade on Water project, which it developed.

In the first nine months of 2021, Sunce Hotels generated an impressive operating revenue of 333.8 million kuna, an increase of 107.1 compared to the same period in 2020, dominated by the global coronavirus pandemic. The Group achieved a positive EBITDA of 116,405 million kuna, which is a better result than 102,650 million kuna, the amount recorded during the same period last year. The main reason for the strong EBITDA growth is the growth in operating income from the sale of accommodation services and non-pension income.

Most of Sunce’s hotel operating expenses are personnel costs amounting to 98.5 million Kuna, which is 23.5 million Kuna more in the first nine months of 2021 compared to the same period last year, and the material costs amount to 85 million kuna. and are higher by 58.7% compared to the same period in 2020, mainly due to the increase in activities and operating revenues generated by the sale of hosting services.

The finance costs of Sunce hotels have fallen significantly in the first nine months of 2021, mainly because there have been no net negative exchange rate differences. The total finance charge amounts to Kuna 9.7 million, which is a decrease of Kuna 8196 million compared to the first nine months of 2020, when the total finance charge amounted to Kuna 17.9 million. The net profit during the observed period amounted to 68.8 million Kuna, and during the same period last year, the loss amounted to 45.6 million Kuna, again due to the pandemic crisis.

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Globe Trade Center SA: GTC Board of Directors with new members Wed, 15 Dec 2021 12:19:12 +0000


GTC announces that the company’s supervisory board has just appointed Pedja Petronijevic as Director of Development and János Gárdai as Director of Operations.

The new Development Director and Board Member of GTC, Pedja Petronijevic, joined the group in 2008 as Technical Director for Serbia. Since 2012, when he was promoted to Country Managing Director, Mr. Petronijevic has successfully overseen the growth of the portfolio. During its cadence, GTC completed the construction of 10 office buildings in Belgrade, including FortyOne and Green Heart, as well as the construction of Ada Mall, a modern shopping center in the heart of Belgrade. Pedja Petronijevic also received the award for best leadership of the year at the 2017 CIJ Awards Serbia & SEE. Prior to GTC, he oversaw Mercury Engineering operations in Serbia. He started his professional career as a project engineer in one of the largest developments in Gaborone, Botswana. Mr. Petronijevic holds a M.Sc. degree in Mechanical Engineering from the University of Belgrade.

János Gárdai, the new COO and member of the board of directors of GTC, started his career in 1996 as a financial analyst at Autóvill Rt. Between 1997 and 1999 he worked as a financial controller and responsible for the reporting at ERECO Rt. Subsequently, Mr. Gárdai joined White Star Real Estate (AIG / Lincoln), where for the past 22 years he has been involved in all aspects of the real estate business in various positions, from CFO , through Director of Development and Managing Director, to Partner Country. He managed and oversaw the operations of the Hungarian office, being involved in development, property and asset management, as well as acquisitions and new business opportunities. Over the years he has managed various investments totaling 400 million euros. Mr. Gárdai graduated from the Faculty of Corporate Accounting of the College of Finance and Accountancy.

I am pleased to welcome two new exceptional members of the GTC Management Board:Pedja Petronijevic and János Gárdai as Director of Development and Director of Operations, respectively.Pedja will support the further development of our business and János will oversee operational activities.These appointments are based on their extensive experience in management positions and their immense knowledge of the market. I am convinced that GTC will strengthen its position in the EEC region and achieve further successes with them on the board. “ – commented Yovav Carmi, Chairman of the Board of GTC.


CGV – Globe Trade Center SA published this content on December 15, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 15, 2021 12:18:05 PM UTC.