Alytus, Lithuania, 2011-11-28 16:42 CET (GLOBE NEWSWIRE) -- Įmonių grupė „ALITA“, AB (the Company) informs that on 25 November 2011, the Local Court of Alytus Region (the Court) in written proceedings examined the request of the Claimant, the Privatisation Agency of the Republic of Serbia, regarding application to the Company of interim protective measures in order to secure the enforcement of the future arbitral award of the Foreign Trade Court of Arbitration at the Serbian Chamber of Commerce (Serbian Court of Arbitration);
The Privatisation Agency of the Republic of Serbia asked the Court to impose attachment on the property owned by the Company up to LTL 236,291,079 in value and to prohibit the Company from disposal of such property, allowing only to pay wages/salaries to employees, taxes to the State and to make settlements with the Privatisation Agency of the Republic of Serbia.
The Court satisfied such request of the Privatisation Agency of the Republic of Serbia only in part: until coming into force of the final arbitral award of the Serbian Court of Arbitration the Court ordered to attach immovable property owned by the Company in the amount of LTL 236 291 079. In the absence or insufficiency of immovable property to attach the existing movable property and property rights held by the Company and/or any third parties and allow to use the attached property only for its direct purpose without the right to dispose (transfer, exchange, mortgage/pledge, etc.) of such property.
The Court decided not to impose attachment on monetary funds and rejected such request of the Agency. The Court pointed out that the imposed interim protective measures should not interfere with the normal business activities of the Company.
As it has been announced, the Company hereby supplementary informs that the Company has not entered into any agreements with the Privatisation Agency of the Republic of Serbia and that there are no legal grounds to consider the Company a party to any arbitration agreement or arbitral proceedings with the Privatisation Agency of the Republic of Serbia.
Therefore, in the near future the Company will appeal against the judgment of the Local Court of Alytus Region regarding interim protective measures as being groundless and unlawful.
For any additional information please refer to Director General Paulius Kibiša, tel.: (8 315) 57243.