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A loan worth half a billion kuna that Shipyard 3. maj paid to related companies within the Uljanik group has stirred up a storm in the Rijeka and Pula shipyards and, a few months before the completion of restructuring, has unsettled spirits in the rest of the shipbuilding industry. Loans between sister companies or between parent and subsidiary companies are a common business practice, but while the Rijeka shipyard operates in a strained profit with the help of state subsidies, builds ships thanks to state guarantees, and owes suppliers, this loan raises some questions.
The balances of the Rijeka shipyard and its related companies are being read by others in the industry who wished to remain anonymous for this occasion. They fear that 3. maj could collapse without subsidies and drag Uljanik down with it, shaking the entire shipbuilding sector, which is dependent on state guarantees. Our interlocutors warn that an extremely dangerous situation could arise if it is established that 3. maj illegally borrowed part of the subsidies from its owner, who needs to restructure it by the end of the year, which could lead the European Commission to ask Croatia to order the shipyard to repay all subsidies.
