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Factual corrections of recent statements published by SAVA d.d.

BAMC has no intention of engaging in a public exchange of opinions with Sava d.d. regarding its actions. BAMC was established by the State to maximize the recovery of the funds the taxpayers paid to decrease the bank hole created by the debtors, including Sava. Just as in other cases, BAMC will execute on the job it was created to do in the case of SAVA d.d., as well.

As a public limited company, Sava d.d. is required to present the public with timely and objective reports about its financials. SAVA d.d. is also obliged to present and give timely and correct information to BAMC in ongoing proceedings. The management team of Sava d.d. is responsible for ensuring that the information it is publishing is correct and not misleading. Much like in all the cases under its management, BAMC’s treatment of the Sava d.d. case is based on the reports and information provided by Sava d.d. itself.

One fact is that since the claims were transferred from the banks, Sava has not paid anything to the BAMC, and thereby to the state and its taxpayers, not even a single cent of the principal due on its loans. Another fact is that Sava d.d.’s management proposed to the creditors, BAMC included, to write off a further 47 million EUR in claims, while allowing Sava’s old, current owners to keep equity stakes. The BAMC’s task is not to look for solutions for Sava’s owners, but instead to ensure that proper care is ensured for the assets owned by Sava d.d., and to recover the value.

A third fact is that over the past 5 years, Sava’s losses have been accumulating as Sava d.d. reported a loss each financial period. This is on record in the annual reports published by Sava d.d.. Furthermore, in Sava’s last annual report Sava d.d. explicitly states that Sava’s liabilities exceed its assets, meaning the company has a negative equity of 23.5 million EUR.