The Supervisory Board of Sava d.d., who perform their supervisory function regularly and proactively, have recently even intensified their activity.
This is also reflected in increasingly frequent and enhanced communication with the management of Sava d.d. at regular and extraordinary meetings, in the intermediate periods between the individual meetings, and in adoption of appropriate decisions. Already at the extraordinary meeting held on 8 June 2015, the Supervisory Board instructed the Management Board to take the necessary measures and use all the required legal remedies to protect the reputation of Sava d.d. and to ensure the stability of operations of Sava d.d. and the Sava Group, as well as equal treatment of all creditors. The Supervisory Board members have been regularly informed on the activities of preventive restructuring and compulsory settlement proceedings, business results of the Sava Group and Sava d.d., and record results generated by Sava Turizem d.d. in this year.
At their extraordinary meeting held on 28 October 2015, the Supervisory Board met primarily to clarify all the circumstances of the proposal by DUTB, d.d. (hereinafter: BAMC) for delegation of powers for conducting debtor’s business to the creditor, i.e. to BAMC (BAMC being only one of the creditors, who would probably assert primarily their own interests, which, however, is not in accordance with the principle of equality), as well as media pressure on the management team of Sava d.d.
As regards certain reproaches about the relation between management’s salaries and the decreasing market (stock exchange) value of Sava Group’s assets, the Supervisory Board was further briefed with the charge by the association Društvo Mali delničarji Slovenije. The association has brought criminal charges against the responsible persons of BAMC and their external accomplices based on suspicion of their committing criminal offences, which – as a consequence of the so-called market manipulation – could drastically decrease the assets’ value of Sava d.d. and cause damage to the creditors and owners of Sava d.d.
The Supervisory Board wondered what motives drove BAMC to file a proposal on delegation of powers for conducting debtor’s business to the creditor, i.e. to BAMC. The court already received such a proposal in the past, but did not reach a decision. The Supervisory Board minutely examined the new proposal by BAMC for delegation of powers for conducting debtor’s business to the creditor, the Management Board’s report in connection with substantive statements by BAMC and the legal opinion prepared by the law firm, whose representative attended the Supervisory Board meeting. It appears that the move by BAMC is more of media than legal nature, as all the facts demonstrate that their application is unfounded again. It is, however, certainly true that in this way BAMC – hypothetically with the change of the Management Board of Sava d.d. and taking over the management of Sava d.d. – could get rid of the lawsuits filed by the Management Board of Sava d.d. to protect the company’s assets from the unlawful seizure of property by BAMC. As we know, BAMC decided to unlawfully seize the shares of Sava Turizem d.d., which would cause damage to other creditors, but primarily the state as the major owner of Sava d.d. We are confident that this seizure was not in function of a consistent implementation of insolvency law. The question repeatedly arises if this unlawful seizure was actually not in function of the already prearranged sale.
The Supervisory Board took detailed notes of the course of compulsory settlement proceedings, within the framework of which a financial restructuring plan was already prepared and, on occasion of a meeting, distributed to all applicants of the compulsory settlement proceedings. The question is left open how is it possible that BAMC as one of the applicants of compulsory settlement proceedings (it joined the group of applicants later, on 16 September 2015), publicly claims that the Management Board does not cooperate with the applicants of compulsory settlement proceedings. The fact is that BAMC already received the draft of financial restructuring plan produced based on the data submitted to the applicants by the Management Board of Sava d.d. The Supervisory Board examined the cooperation of the Management Board with the applicants of compulsory settlement proceedings and estimates that it complies with the provisions of the corresponding regulations.
The Supervisory Board supports the Management Board of Sava d.d. in their further carrying out the activities, in accordance with the powers given, which will lead to an early approval of financial restructuring plan for Sava d.d.
Sava d.d.
Corporate Communications