The bankruptcy trustee of Geofot d.o.o, a company for photogrammetric work owned by entrepreneur Zvonko Biljecki and associates of former Prime Minister Ivo Sanader, reported that the starting price of the company’s real estate is around €330,000 and that the auction is scheduled from October 17 to 31.
About 2,500 square meters of land belonging to the company in Buzin is going to auction, and the deadline for the payment of the deposit is October 8. The report also highlights that the Commercial Court in Zagreb has scheduled a hearing for September 12 to determine the value of Geofot’s aircraft, which, according to reports from the bankruptcy trustee, has not been accessible for nearly six years. The bankruptcy procedure was initiated in 2018, and approximately 38.8 million kuna of debt was established.
In previous reports from the bankruptcy trustee, it was stated that three aircraft could not be sold because it was not possible to take possession of them, and in last year’s report, it was noted that they could not be monetized because ‘no contact has been made with an expert who could assess them’.
According to documents, the main part of the movable property of the failed company consists of Cessna 551 Citation II and two Piper PA 31 T1 aircraft, which were reportedly duly registered in the Main Book of the Croatian Civil Aviation Registry with state nationality and registration marks.
At the hearing scheduled for early September, the value of the Cessna 551 Citation IISP will be determined. On the other hand, according to the bankruptcy trustee’s report from 2018, the two Pipers with cameras and navigation systems were then in Saudi Arabia in flying condition, but for them, a storage fee of about $200,000 had to be paid back then.
– Regarding the takeover of the same by potential buyers, it must be noted that it is questionable because the main reason for the aircraft remaining in Saudi Arabia is the unfinished jobs taken over from the bankrupt debtor, which is unacceptable according to business practices in Saudi Arabia. The valuation of the aircraft themselves is currently, according to the aforementioned, not possible – it was emphasized in the report back then. In previous letters from the bankruptcy trustee, it was also stated that only the fuselage remained from the Cessna owned by Geofot as the engine was removed, and the repair was assessed as unprofitable.
The owner of Geofot, Zvonko Biljecki, is listed in the court register as the director, procurator, member, or president of the management board of ten companies, among which the most well-known have received multi-million contracts from the state. Biljecki was also known, according to media reports, as a person close to former Prime Minister Ivo Sanader, whom he hired as an advisor and allegedly paid tens of thousands of kuna monthly for his consulting services. According to media reports, Sanader once flew to Milan, Rome, and Vienna on aircraft owned by Biljecki.
