Negotiations between the Montenegrin government and the lessee of the elite resort Sveti Stefan, Adriatic Properties, have failed, and the arbitration process in the London court has been reinstated, which will last until May 15, confirmed multiple sources for the “Dan” portal.
The complete halt came after, as “Dan” reported, “the war axes were dug up” and the government offered the lessee an agreement that, in the end, no one in the government was willing to sign. Representatives of Adriatic Properties signed the offered agreement. Following that, the government requested corrections to its version of the agreement, and the lessees agreed to these changes. They signed it again and then sent it back to the government for verification. However, as of today, according to the portal’s findings, no action has been taken.
At the insistence of the lessees, the government verbally responded that the Deputy Prime Minister and Minister of Economic Development, Nik Đeljošaj, believed the agreement should be signed by Milojko Spajić and that he was waiting for the Prime Minister to do so. Following that, an announcement came that the Prime Minister believed Đeljošaj should sign it, not him. Afterward, no one else from the government communicated on the matter.
In the midst of this, global sports megastar Novak Đoković became involved and called the Prime Minister several times. Recently, Spajić stopped responding to Đoković’s calls, which led to the arbitration process.
It is clear that Montenegrin tourism and the residents of the area, who have expressed dissatisfaction for years due to the closure of Sveti Stefan to the public, will once again suffer. The agreement that was supposed to be reached would have provided a solution that would satisfy all parties involved.
The agreement, which is now clearly failed, set precise deadlines for the opening of certain parts of the complex. It was planned that Villa Miločer, Aman SPA, and the “Olive” restaurant must be opened within 45 days of the agreement signing, the Sveti Stefan East, West, and King’s Beach should be open within 75 days, and the Sveti Stefan island, as the central symbol of the complex, must be open by the 105th day.
Queen’s Beach, the pedestrian path, and the bridge, which have been the epicenter of disputes and dissatisfaction among citizens in recent years, were to remain under restricted access: access was to be granted exclusively to hotel guests from 8 AM to 9 PM, while from 9 PM to 7:59 AM, the public would have free access. When the hotel is closed, access was supposed to be available 24 hours a day.
It is worth noting that the dispute between the state and Adriatic Properties has been ongoing since 2021 when the lessee closed the complex due to a breached contract and the inability to guarantee guest privacy. The London arbitration court has already made partial rulings in favor of Adriatic Properties, including an obligation for Montenegro to pay EUR 620,000 in legal fees.
