Reports show Hundred Thousands of Bosnian Marks spent by Directors of Aluminium Smelter

June 16, 2020 4:45 PM

 

The management of “Aluminij”, a stumbled Mostar giant which, as things stand, is still threatened with bankruptcy, and owns a total of as much as 358.3 million marks, Avaz news portal reports.

If we add to that the losses that amount to 300 million BAM in the last five years, then it is quite clear that better days are hard to come for this company, which sent almost 800 workers to the streets.

These obligations were determined by the Financial Police of the Federation by September 30, 2018, in a report sent to the Government of Federation of Bosnia and Herzegovina.

As it was pointed out, liabilities for long-term loans amount to  173,801,981.36 BAM and other long-term liabilities amount to KM 23,852.42.

The report states that they owe 16,509,231.41 BAM for short-term loans, and that interest liabilities were 1,966,313.52 BAM.

Debts to suppliers amounted to 132,777,491.12 BAM (electricity: “Elektroprivreda” 24,553,087.41 BAM, “Al trade” 34,567,503.35 BAM), the report said.

In addition to debts, the Financial Police determined that the cost of users on business cards from 2014 to June 2019 amounted to 199,115 BAM. In 2017 alone, 69,732.58 BAM was spent from the business card.

Federal Financial Police submitted a report on the operations of the former Mostar giant and aluminium smelter “Aluminum” to the Government of the Federation, which refers to the period from January 1st, 2014 to July 10th, 2019.

As Avaz news portal announced last week, the Financial Police of the Federation tracked down all cash flows, and now it is expected that the report will be submitted to the Prosecutor’s Office, on the existence of grounds for suspicion of committed crimes and perpetrators.

The report that was forwarded to the Federal Government states exclusively that the total value of the share capital of “Aluminij” Mostar is 190,110,000 BAM, however, the loss above the amount of capital is as much as 273,638,742 BAM.

To make things worse, the complete assets of “Aluminij” in the amount of 408,208,254 BAM are financed from other people’s funds in the amount of one hundred percent, which means that this company does not have its own money at all and is over-indebted.

In addition, the company made a loss of almost 65 million BAM in the first six months of last year, in translation, they made a loss of more than 10 million BAM per month.

Financial data showed that this company has made a total loss of 293,015,492 BAM from 2014 until today. The largest was in 2018, as much as 70.4 million BAM, and the smallest a year earlier, 21 million BAM.

But the enormous losses that led to the closure of the company did not prevent the Management from continuing to pay high-paying directors. It was determined that the salary of the General Manager in 2014, when the loss was 49.1 million BAM, amounted to 12,167.96 BAM.

Last year, when the company was on its “knees”, the director’s salary was “only” 6,659.93 BAM. The control determined that in the period from 2014 to 2018, the cost of electricity was the highest in 2018 and amounted to 180,078,016.56 BAM, at a price of 121.61 BAM, which is the highest price paid in the last five years.

Financial checks established that the Management of “Aluminij” in most cases concluded contracts with customers caused damage to the company in “the way that the selling price of the product was formed at a level below the economically justified price.”All of this, as noted, resulted in a loss of product sales.

 

 

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