The decision whether to restructure the financially troubled Uljanik Group or file for bankruptcy will be primarily economic and financial in nature, according to Finance Minister Zdravko Marić.
Finance Minister Zdravko Marić said on Friday that although it will in some ways be a political decision, its economic and financial aspects will have the greatest impact. The group’s staggering numbers begged the question if it was worth pumping more money into the docks, Marić said.
"There is a political element in the decision making in the whole process, however, I primarily see it as an economic and financial decision, considering that we have already paid 3.1 billion kuna in guarantees, and you can add to that all the money that has been given to the entire shipbuilding industry over the past 25 years. Then the amount climbs to 35 billion kuna. I ask myself and everyone else what importance the shipbuilding industry can then have," Marić said.
Asked by reporters when an analysis of Uljanik's balance sheets might be expected, Marić said that some parts would be presented today and others next week. He underscored that 2.45 billion kuna had already been allocated to pay cover the costs of guarantees issued to Uljanik in 2018.
Unfortunately, more guarantees will be collected this year. The initial amount being quoted by official was 2.8 billion kuna, but now it has risen to 3.1 billion kuna, Marić said, adding that it could rise even further.
Economy Minister Darko Horvat dismissed as spin claims that an additional seven billion kuna would be needed to restructure the Uljanik Group. He said the total cost would be seven billion kuna, and that the government had already paid 3.1 billion kuna of that amount.
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