SARAJEVO, Aug 2 (Hina) - The government of the Federation of Bosnia-Herzegovina on Friday adopted a proposal for international arbitration to ascertain the ownership structure of the Mostar based "Aluminij" company.
SARAJEVO, Aug 2 (Hina) - The government of the Federation of Bosnia-
Herzegovina on Friday adopted a proposal for international
arbitration to ascertain the ownership structure of the Mostar
based "Aluminij" company. #L#
The proposal was forwarded by the Office of the High Representative
(OHR) and a mission of the World Bank in that country so that a final
solution could be reached in the long standing conflict between the
current board in "Aluminij" and the Croat-Muslim entity's
government over ownership rights of this highly profitable
company.
The federal government believes that the state, i.e. the Federation
of BiH is the majority owner of "Aluminij" while the company's board
holds that the majority ownership is in private hands as shares were
purchased in keeping with valid laws by employees.
Amongst the shareholders of the company is the TLM factory from the
Croatian sea town of Sibenik and the German based Daimler-Chrysler
concern.
An international arbitrary commission will decide on the fate of
the Mostar giant. The commission will be based in Sarajevo and will
include nobody from Bosnia or neighbouring countries, i.e. those
countries that have business or any other interests in the
company.
The decision by the arbitrary commission will be binding and the
High Representative will use his authority to ensure the
implementation of any ruling by the commission.
(hina) sp ms