‘TUŠ’ fraud much more than 20 million BAM!

‘TUŠ’ fraud much more than 20 million BAM!

Sarajevo, June 2, 2015/ Independent Balkan News Agency

By Mladen Dragojlovic

Slovenian market chain “TUŠ”, and its sister company in BiH “TUŠ Trade”, made much more damage than it was suspected before and, as it was discovered at the first hearing in the bankruptcy proceedings in the Municipal Court of Bihac, the total of their debt to suppliers and creditors is more than 74 million BAM (37 million Euro).

The bankruptcy trustee Hasan Redzic said at the hearing that since beginning of bankruptcy process in March this year, 256 creditors claimed 74.180.834 BAM of debt from debtor “TUŠ Trade”. These numbers shocked everyone in the hall, because the first estimation of the debt was about 20 million BAM (10 million Euro).

In the debt are calculated salaries and other fees to about 500 employees who were fired without an explanation. The company never paid them salaries for two months and fees. It seems that they never will receive that money.

As Redzic said in the Courtroom in Bihac, in period 2011-2014, “TUŠ Trade” rapidly decreased the value of its property and on the beginning of process they had nothing to sell in order to pay the debt.

“The debtors have nothing”, was the Redzic sentence which caused shock in audience.

He explained that inventory recorded goods with passed deadline of usage are 69,000 BAM worth, plus written-off assets, which refers to old computers, printers, cash registers, shelving and furniture parts, worth 90,000 BAM. Only “TUŠ Trade” valuable property is 415,000 BAM of pledges with the “Raiffeisen” bank, where company raised a loan of 8 million BAM.

Redzic said that the actual value of the bankruptcy estate will be announced at the last hearing of this case.

“I can’t estimate the value of the bankruptcy estate, because there is nothing concrete at this moment”, Redzic said.

Among others, creditors are Indirect Tax Authority BiH and Tax Authority of Federation BiH, who claim a debt of more than 6 million BAM for tax and other fees. Since in the beginning, “TUŠ” company had a good reputation in business, most of its creditors and suppliers did not check the creditworthiness of this company.

Under suspicion of fraud, BiH authorities are leading an investigation against Mirko Tuš, company owner, Milan Mlinar, Vid Habijar, Branko Cokar and companes “TUŠ Holding”, “TUŠ”, and “TUŠ Trade”.