Announcement: Payment of compensation of taken away property rights to former owners for 2010

The Law on Restitution of the Taken Away Property Rights and Compensation sets forth that the compensation is made in yearly installments which payment is due on 15th July every year on the basis of final decisions submitted by 31st December of the previous year to the Compensation Fund. In order to apply the Law, as well as to create conditions for the Compensation Fund to act on the basis of aforementioned grounds, the Government of Montenegro in accordance with the Law adopted the Decree on determining payment and redemption of compensation to former owners of taken away property rights in cash for 2010. In accordance with the aforementioned Decree, the payment of yearly installment for 2010, to the former owners who acquired this right on the basis of the final decisions of the Commission for restitution and compensation, submitted to the Compensation Fund up to 31st December 2009, the installments is calculated on the basis of the value which corresponds to 3% out from the total outstanding restitution amount, determined on the basis of the final decisions of the Commission. For this purpose, from the Budget was provided 2.500.000.00 €. On the basis of the Decree, former owners may exercise their right to redemption in a manner that the calculation of redemption is made in accordance with the value which corresponds to 3% out from the total outstanding amount of compensation determined by the final decisions of the Commission. In this manner, the obtained amount is paid off in the value of 3%. The Decree entered into force on 10th July 2010, and the payment of yearly installment will start on 15th July in all banks where former owners hold current accounts.