Council of Ministers of Bosnia and Herzegovina Holds its 73rd Session

The Council of Ministers of BIH adopted Information on the contestation of claims in a liquidation procedure of the Jugobanka and Beogradska Banka Agencies in New York. 

Consent was granted for hiring a joint law office with other successor countries in the matter of the liquidation procedure against the Beogradska Banka and New York based Jugobanka Agencies.

Also, authorised BIH representative in the Joint Committee for Distribution of Revenues and Liabilities under the Agreement on the Succession Issues Annex C Ankica Kolobarić was authorised to sign, on behalf of Bosnia and Herzegovina, a joint agency contract of successor states with Cleary Gottlieb Steen and New York based Hamilton LLP Law Offices.

Bosnia and Herzegovina, Croatia, Macedonia, Serbia, Slovenia, together with the National Bank of Serbia (NBS) elected to be represented by Cleary Gottlieb Steen and Hamilton LLP Law Offices in connection with the claims that the NBS filed on behalf of the successor states within the liquidation procedure of the Beogradska Banka, Jsc. Beograd in New York and New York based  Agency of Jugobanka, Jsc. Beograd, and the liquidation is administered by a financial manager in New York.

The total costs of the claim are expected to be approximately between USD 75,000 and 200,000. Bosnia and Herzegovina would participate in total costs as per its share defined under the Agreement on Succession Issues Annex C, which is 15 per cent.

After the US Court approved a request made by DIA to allow the recovery of property for the needs of implementation of the liquidation procedure in Belgrade and transferred 40 per cent of the liquidation mass, to make-up for creditors’ claims and pay administrative expenses, total USD 89,622,831.97 remained.

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