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Bosnia, Privatized Krajina Insurance Osiguranje is Nationalized - Investors Start Arbitration - Bosnia, Republic Srpska Serbia: Government Nationalizes Krajina Osiguranje Insurance, International Investors Start Arbitration Against Bosnia, Republic Srpska - SandaCapital.com
Bosnia, Privatized Krajina Insurance Osiguranje is Nationalized - Investors Start Arbitration

 

NewswireToday - /newswire/ - Banja Luka, Bosnia & Herzegovina, 2017/08/13 - Bosnia, Republic Srpska Serbia: Government Nationalizes Krajina Osiguranje Insurance, International Investors Start Arbitration Against Bosnia, Republic Srpska - SandaCapital.com.

   
 
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Krajina Osiguranje Insurance company of Republic Sprksa was privatized by government of Republic Srpska in December 2015 via international tender. Soon after making their investments, Investors learned that the state's prospectus, upon which they based their investments, contained multiple fraudulent misstatements and omissions. These misstatements included, but were not limited to, the quantum and value of certain properties owned by Krajina, the significant liabilities associated with disclosed litigation pending against Krajina, and the failure to disclose significant additional litigation pending against Krajina.

Three months after investments were made, on 11th April 2016, the Republic Srpksa Insurance Agency passed decision number 3.00-002-4-14/16 to erase shares of investors without returning their capital.

Investors were divested of all of the privileges of ownership of their shares in Krajina, including any ability to control the Company. Ministry of Finance of Republic Srpska on 25th October 2016 via decision number 01-UP-33-214-19/16, ordered investors to buy remaining State shares of Krajina at a 20% premium above the artificially inflated price at which international investors claim to be defrauded to purchase their shares. Republic Srpska part of Bosnia has now frozen foreign investors’ shares, and deprived them from their shareholders rights. Bosnia has seized control of company, appointed board of directors of State officials, and has announced to the market that the company is now nationalized, without returning foreign investors’ capital.

Baker McKinzie representing international investors sent arbitration trigger letter to Republic Srpska, to which attorney general of Bosnia responded. Bosnia’s attorney general has started investigation in this matter, while international investors have requested matters to be taken to international arbitration to recover their sunken capital.

Press and Media is welcome to contact Mr. Elmedin Duzel at elmedin.duzel[.]krajina-osiguranje.net or Lisa.Kelly[.]sandacapital.com for any question or visit sandacapital.com/.

 
 
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Bosnia, Privatized Krajina Insurance Osiguranje is Nationalized - Investors Start Arbitration

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