Determining the prices of real estate owned by Nikica Valentić’s company going ‘under the hammer’

The Commercial Court in Zagreb has scheduled a hearing for May 29 to determine the value of the real estate of Niva Engineering in bankruptcy, a company within Niva d.d. led by former Prime Minister Nikica Valentić, which owes creditors more than 130 million kuna. Therefore, secured creditors of the company, H-Abduco and Prima Investments, have also been invited to express their opinions on the price of the real estate.

The latest court conclusion followed a mid-March ruling in which it was decided that the first properties of Niva Engineering to go ‘under the hammer’ would be lands in Jastrebarsko with a total area of approximately 58,000 square meters, one of which is planned as a railway corridor and the other as construction land.

On these lands, with an estimated value of nearly 1.9 million kuna, secured rights belong to the secured creditors of Niva Engineering – H-Abduco and Prima Investments.

>>>‘Niva Real Estate’ – Another company of Nikica Valentić in bankruptcy

Additionally, the planned electronic public auction has announced the sale of two apartments in the elite Nazorova Street in Zagreb, with an estimated value of around 750,000 kuna.

The decision to sell the real estate of Niva Engineering followed last year’s opening of bankruptcy proceedings at the request of creditors H-Abduco, Prima Investments, and HUP Zagreb.

After the opening of bankruptcy and the held examination and reporting hearing in September, the claims of about forty creditors of Niva Engineering were established, totaling more than 130 million kuna.

>>>Real estate of former Prime Minister Valentić’s company at public auction

The largest creditor is listed as Kreditna banka Zagreb, which claims 58.5 million kuna, followed by H-Abduco with 37.9 million, Erste Bank with 13.8 million, and Prima Investments with 10.1 million kuna. Interestingly, the company within Valentić’s group owes the City of Zagreb more than six million kuna.

Niva Engineering is registered as a construction, design, and supervision company with a share capital of 16.7 million kuna and is headquartered on Gradišćanska Street in Zagreb, where the parent company Niva d.d. is also located, managing all companies within that holding.

In addition to Niva Engineering, the Commercial Court in Zagreb in October invited creditors of Niva d.d. to propose the opening of bankruptcy proceedings with a recorded debt of around 1.35 million kuna. The same court announcement also called on representatives of Niva d.d. to submit a certified list of assets and liabilities of that company.

>>>Niva Real Estate of Nikica Valentić without assets for the bankruptcy estate

If the representatives of Niva d.d. and creditors do not respond within the legally prescribed deadlines, it will be considered that the debtor is unable to pay, and the court will ex officio issue a decision on the simultaneous opening and conclusion of a shortened bankruptcy procedure.

The company Niva d.d., registered as a joint-stock company for managing holding companies, was founded in 1995, is headquartered on Gradišćanska Street in Zagreb, and has a share capital of 120,000 kuna. According to reports from Fina, the dependent companies of Niva d.d. are Niva Engineering, Črnomerec Center in bankruptcy, Niva Real Estate, SK-735, and Niva Service, with shares in the company SK-735 and Črnomerec Center in bankruptcy sold in June and April of the year before last, respectively.

Former Croatian Prime Minister Nikica Valentić was the director and president of the management board of Niva d.d. from 1997 to 2011, and at the end of 2015, he became a member and president of the Supervisory Board.