Kuwaiti investors interested in buying failed factory in Bosnia – ARAB TIMES

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Workers’ issues not yet resolved

KUWAIT CITY, November 8: The Sarajevo Times website has revealed that Kuwaiti investors are interested in buying several properties and land in Bosnia and Herzegovina, ranging from land belonging to a “bankrupt” iron factory, to hotels in the center of cities and others. in the heart of nature, reports the daily Al-Qabas.

The website said in a report that Kuwaiti investors were looking to buy a property in Zenica, north of Sarajevo, Bosnia, where the Zelgizara Zenica iron factory is located, which has been closed for a long time due to a bankrupt, and its workers are still waiting. to finalize the sale of its properties to pay their wages and late payment indemnities. He added that the problems of the workers, who number more than 280 people, have not yet been resolved and the files of some of them have been sent to the country’s employment services to find them jobs.

The website added that each worker dismissed from the factory needed compensation from the closed iron factory, ranging from 40,000 Bosnian marks ($20,400) to 45,000 marks ($23,000). . Factory workers’ union representative Avdija Halilovic reportedly said that the sale of assets and land of the bankrupt factory is progressing very slowly, while buyers of those assets and land expect to get something for nothing, but that not happen. He added: “Purchasers of the factory assets will get nothing less than the costs of the bankruptcy, including payment of the wages of the laid-off workers and the buyers of the assets and land of the bankrupt factory must know that nothing is free.

The factory real estate has been appraised, and they know the asking price, and if they want to buy it, they will. He explained that selling small parts of the factory’s real estate and land, worth about one million Bosnian marks ($510,000), is better now, and this money will be spent on the pensions of the bankrupt factory workers, pointing out that part of the factory land has been sold and a private hospital is being built there.

Foreign buyers are interested in larger properties in the surrounding area. Halilovic went on to say, “We are awaiting inquiries from Kuwaiti investors regarding the purchase of other properties in Zenica, one of which is the closed International Hotel, which was built in 1978, and the other is the abandoned hotel complex Bistrichac, which is located in the heart of picturesque nature. “We know that Kuwaiti investors exploring investment opportunities in Bosnia and Herzegovina are very interested in these properties. I think the $9 million ($4.5 million) price tag for the international hotel is realistic, given its large size and the presence of several features, such as underground parking, its location in the town center and its proximity to a football stadium, which is often full during matches, tournaments and local and European football matches.

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