August 18 (SeeNews) - Montenegro's Supreme Court plans to consider on August 25 the complaint of Italian power utility A2A against the distraint of its 41.7% stake in the capital of Elektroprivreda Crne Gore (EPCG) [MNG:EPCG], Montenegrin daily Pobjeda reported on Friday.
The distraint of the A2A's shareholding was levied in July on a request by the Montenegrin Special State Prosecutor’s Office and A2A filed the complaint within the specified deadline, Pobjeda said.
A2A said in a statement on July 25 that it received an official notification of the distraint of its shares in EPCG by the Montenegrin authorities. The decision is related to a probe into services provided by A2A to EPCG in the period between 2010 and 2012.
In April 2016, the Special State Prosecutor’s Office started an investigation into consultancy contracts signed by EPCG with A2A, A2A Reti Elettriche and BAIN Milano without a public procurement procedure and a decision of the board of directors. According to Montenegrin media reports, the contracts have a combined value of some 15 million euro ($17.6 million).
Montenegro's government said on July 4 it has received an official application by A2A for the sale of its 41.75% shareholding interest in EPCG.