Uljanik Group

Croatian ship owner and operator Uljanik Plovidba is being investigated over alleged improper gains from a newbuilding contract. Croatian tanker and bulker owner Uljanik Plovidba has been probed due to the alleged misconduct of the former managing director for four newbuilding contacts at unrelated shipbuilder Uljanik Group’s 3 Maj yard in 2009. Croatian Uljanik Plovidba directors resigned after arrest of 12 managers. From 4 newbuilding contracts Croatian Uljanik Plovidba directors potentially wrongfully benefited around $8.76 million (HRK 58 million). 3 Maj is not listed as having built any such ships for Uljanik Plovidba previously. Investigation is being conducted against former managing director as a responsible person within Croatian tanker and bulker owner Uljanik Plovidba. Uljanik Plovidba is expressly denying any and all allegations that it potentially wrongfully benefited as alleged. Furthermore, Uljanik Plovidba has a claim for compensation around HRK 80 million arising from cooperation agreement. On 7 March 2019, Uljanik Plovidba has filed a request for mediation with the Croatian general attorney office. This was a mandatory procedure before filing a claim for compensation against the Croatian government. After the rejection of rescue plan, Uljanik Plovidba most probably will be bankrupt. Beginning of April 2019, Croatian Uljanik Plovidba director Dragutin Pavletic resigned after being arrested with 11 other people in connection with an investigation into financial damage at the 3 Maj shipyard. Last summer, Uljanik Plovidba¬†pointed out that it is completely independent from its former parent group. On 23 July 2018,¬†Dragutin Pavletic resigned from Uljanik Group’s supervisory board in order to avoid the two companies being perceived as linked. Croatian government rejected a $1 billion plus debt restructuring of Uljanik Group.

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