Israeli-Chinese Consortium to lease Objects of former Giant Aluminium Smelter in Bosnia-Herzegovina?

January 5, 2020 2:15 PM

 

The Aluminum administration handed over layoffs to 362 workers late last year, that is, to all the remaining workers of the former giant, whose negotiations with Israeli-Chinese consortium MT Abraham were the only hope for the eventual launch of production.

The layoffs were handed over to all workers, but with different notice periods. This is done to help the remaining workers complete the backlog.

The severance pay will depend, they point out, on the length of service of each worker. A number of them are expected to be hired in the coming month with new contracts for high voltage and equipment insurance and maintenance.

The administration will, at the same time, continue to negotiate with the Israeli-Chinese group.  The first offer was rejected because it insisted on a subsidy for electricity and other benefits from the state.

Emil Coric from the Employees Union briefly told Avaz news portal that Federal Energy Minister Nermin Dzindic recently announced a new round of negotiations, but also that workers are not overly optimistic.

“We don’t know what will happen to us and Aluminum. We signed the cancellation decisions and left. We will ask the Government about everything when the time comes. I do not know when the negotiations might follow,” he told Avaz.

The possibility of a subsidy, as demanded by a potential investor, was rejected by the Federal Government without much controversy.  The new offer was recently submitted and foresees the leasing of Aluminum plants to allow continued production with “injection” of Israeli-Chinese capital.

According to the available information, the new offer will be decided in mid-January at the Assembly of the Company, which, in addition to the representatives of the Government of the Federation of Bosnia-Herzegovina and small shareholders, should also be attended by representatives of the Government of neighboring Croatia, which has a 12 percent share.

Abraham Group Director Isaac Mansur Tamir in a recent press statement clarified the terms of the lease by announcing the signing of the lease agreement in accordance with Federal laws and regulations, probably for 15 years, with the possibility of an additional 15 (up to thirty years maximum).

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