Gadžić for Bad contracts in Aluminij must not remain unpunished

Aluminij Mostar

CEO of Aluminij d.d. Mostar Mario Gadžić gave his comment, for an informative web site, on existence of bad business contracts in Aluminij, their consequences for business operations and the existence of the Herzegovina giant, but he also touched on the success of the Board of Directors, led by him, to entirely deal with this issue.

Here is the entire text:

- I want to call to account everyone who dared to humiliate and bring this smelter to the brink of collapse, endanger the existence of its employees and their families. That must not remain unpunished! - said for, Mario Gadžić, CEO of Aluminij d.d. Mostar  when asked to comment on the repeated allegations that there were some contracts in force in this company that used to harm its business and whether anyone was going to be brought to justice for signing  them.

- Reporting, processing and punishing of those who, in any way, have damaged or systematically damaged Aluminij, is not in competence nor in the job description of the Board of Directors. It is publicly known information that the various state investigative bodies (inspections and police) from many levels, officially visited Aluminij. My role in this story, as the first man of this strategically important company which  must encircle the complex process of its recovery and pull this region forward, is to put at disposal  all of our available resources to the  investigators. We did that and we shall do so whenever we are asked again. Have any proceedings been instituted, and if not whether and when shall be, and against whom? These questions should be addressed to prosecutors offices and courts - said Gadžić.

He noted that the wording construction of ''harmful contract'', in economic sense, is quite serious.

- And if you go down into the legal or the criminal area, it is also difficult to be proven. Even international law stipulates that the harmful contract is the one in which the contracted price is 50 percent higher than the price which could have been achieved in the market. I am not aware that there were such a drastic differences in Aluminij, but there certainly were some contracts which, at least, were not good for Aluminij - said Gadžić and reiterated the earlier statements that, if they were good, the contracts would not be revised.

- Anyway, for them, I would rather use the wording bad contracts, and they were leading Aluminij to a certain disaster, and if they had remained in force, this smelter undoubtedly would not have survived the year 2017. However, all these contracts are now a thing of the past, because we have revised the entire existing situation and, in less than four months, we've combed through and then radically changed or even terminated the bad contracts, and as of 1 January 2017 Aluminij has been operating exclusively on sound market principles - said Gadžić for

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