Serbian court annuls 2017 Energoprojekt share‑purchase sanction
The Administrative Court of Serbia upheld a lawsuit filed by former Energoprojekt Holding managers Vladimir Milovanović and Jovan Nikčević, overturning the Securities Commission’s 2017 decision that had allowed Napred razvoj and its affiliates to announce a tender for buying shares of the former construction giant. The court declared the 2017 approval illegal and sent the matter back to the commission for reconsideration.
The ruling follows a June 2025 Supreme Court judgment that reversed an earlier Administrative Court dismissal in 2023, prompting the court to change its stance and deem the lawsuit well‑founded. Napred razvoj and related companies had already become majority owners, acquiring roughly 90% of Energoprojekt, including the state’s stake, shortly before the decision. The state sold its remaining share three days later at a price reportedly three times lower than could have been achieved in 2017, though the motive remains unclear. The annulment raises questions about the legality of previously completed share‑purchase transactions and the future of a potential compulsory takeover.
Entities: Administrative Court of Serbia · Energoprojekt Holding · Jovan Nikčević · Napred razvoj · Vladimir Milovanović
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 4 SOURCES] Napred razvoj and related firms had become majority owners of Energoprojekt, acquiring about 90% of the company, including the state stake, a month before the court ruling.
- [● 4 SOURCES] Former directors Vladimir Milovanović and Jovan Nikčević filed the lawsuit in 2017.
- [● 4 SOURCES] The 2017 Securities Commission decision is now considered illegal and the case has been returned to the Commission for reconsideration.
- [● 4 SOURCES] The state sold its remaining stake in Energoprojekt three days after the court decision at a price about three times lower than could have been achieved in 2017.
- [● 4 SOURCES] The annulment may affect previously completed share‑purchase transactions, creating uncertainty about the future of the takeover.
- [● 4 SOURCES] The Administrative Court of Serbia upheld the lawsuit of former Energoprojekt managers and annulled the Securities Commission's 2017 decision permitting Napred razvoj and affiliates to offer a share‑p
- [● 4 SOURCES] The Serbian Supreme Court in June 2025 ruled in favor of Milovanović and Nikčević, overturning the Administrative Court's 2023 dismissal.
- [● 4 SOURCES] Following the Supreme Court decision, the Administrative Court declared the lawsuit well‑founded and annulled the Commission’s decision.