• subota, 26 jul 2025

Before Glencore`s management, KAP owed 206 million U.S. dollars

Before Glencore`s management, KAP owed 206 million U.S. dollars
Podgorica (MINA-BUSINESS) - Total debts of the aluminium plant Kombinat Aluminijuma Podgorica (KAP) in October 1998, when the Swiss company Glencore took over the management over KAP, stood at 206 million U.S. dollars. More than a quarter of the total debt, KAP owed to Podgorica-based Vektra enterprise, a source who asked not to be named told Mina-business. Before the government signed the management agreement with Glencore, KAP#s foreign debt stood at 39 million U.S. dollars based on long-term credits raised from foreign banks in years before sanctions. More than 12 percent of the debt was owed to London Standard Bank and eight percent to the Montenegrin power company.