Finance Minister against Further Aid to Uljanik

Total Croatia News

ZAGREB, March 13, 2019 – Finance Minister Zdravko Marić on Wednesday said that the ministry’s analysis of the Uljanik Group was nearing completion and that to date 35 billion kuna had been pumped into shipbuilding and that he cannot see how to justify an additional 7 to 10 billion kuna for Uljanik.

Furthermore, it doesn’t seem to him that it is possible for the costs of restructuring and bankruptcy to be the same.

“There is no dissension, we are working as members of the government, aware of certain matters and problems,” Marić answered reporters when asked whether any misunderstanding existed between him and Economy Minister Darko Horvat regarding Uljanik and the debate on restructuring the Pula-based dock or possible receivership.

Marić said that the Finance Ministry is nearing completion an analysis of Uljanik and that the final details are being hammered out and that after that, it will be presented to the cabinet and ruling coalition.

“Regardless of the fact that the issue of Uljanik is currently being observed in a binary way — bankruptcy or restructuring — it is not that easy to answer that question as the entire situation is a lot more complex. In the analysis, we are not looking only at the situation in the Uljanik group from the perspective of guarantees and separated segments but rather as a comprehensive overview which among other things includes to what extent the budget will be affected, the economy, industrial production and exports and what the global situation and trends are on the market itself,” Marić told reporters.

He informed that until yesterday 3.1 billion kuna had been paid to cover enforced guarantees. However, he added, considering other guarantees issued there is a possibility that that amount could increase by a further 300 million kuna to 500 million kuna.

At the same time the share of shipbuilding in industrial production over the past three years has been less than 1.5%. In January, that share was 0.8%, he said.

More news about the shipbuilding industry can be found in the Business section.


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