Date: 12/06/2017

Private Property of the NELT Company Confiscated

NELT announced that on Friday, June 9, 2017 at 12.00hrs, a confiscation of 1.800 m2 storage space at Travnička number 3 in Belgrade, owned by the company NELT Co from Belgrade, was conducted. Demolition process is currently taking place.

The procedure of seizure of the property, even though it was executed in formally legal manner as expropriation, is actually confiscation, considering that the private property was seized without compensation, in the name and for the account of another legal person, under the guise of public interest.

Law on determining public interest and special procedures of expropriation and issuing of construction permit for realization of the project "BELGRADE WATERFRONT", was adopted as Lex specialis at the time when the Republic of Serbia, as the beneficiary of expropriation, was the sole founder and owner of the company Beograd na vodi d.o.o. (BELGRADE WATERFRONT L.L.C) with 100% state capital.

Decision on expropriation was adopted after August 21, 2015, at the time when the Republic of Serbia as founder was not a 100% owner or majority owner of the company for retaliation of the project BELGRADE WATERFRONT. It was however a minority owner with a share of 32%. Since that date, this has only been a private interest of the company BWCI from the United Arab Emirates, as the majority owner of the company Beograd na vodi d.o.o. (BELGRADE WATERFRONT L.L.C).

NELT warned the public that this way actual confiscation of the property was conducted i.e. seizure of property without compensation by the state, which indicates that we are living in times which we believed are far behind us and that private property is not the foundation of our legal order and state regulation.

The company NELT has been doing business for twenty-five years Serbia and currently employs 1700 people, partnering with the largest international and local companies and leaders in responsible and sustainable co-operation with community and the state. NELT is founder and member of the most prominent business and social forums through which it invests efforts for improvement of overall economic and social situation in Serbia.