The legal struggle between Sava and The Bank Assets Management Company (BAMC) started in the end of May, when BAMC tried to seize the Sava Turizem company. Judging from the reactions of the state secretary Metod Dagonja, the government tried to protect Sava by classifying it among important investments.

Now the management of Sava is to be transferred from BAMC to its owners, the Slovenian Sovereign Holding (SSH) and Pension Fund Management (KAD). The dismissed chairman of the bad bank managing board Lars Nyberg suspects corruption. Matej Narat, the chairman of the Sava managing board, believed to have great political influence, especially on Dragonja, explained his side of the story to Radio Slovenija. Narat denied such accusations as completely absurd.

Narat: Proportionate payment for all
In the last five years the Sava company paid 150 million euros of debt, while 200 million euros were paid by the whole group. Narat claims that in the programme of preventive restructuring rejected by BAMC, in which sale of Gorenjska banka and mutual fund Alpen.si points were proposed, additional 100 million euros could be repaid in two years. Sava would thus become functional, a large part of the Slovenian tourism would be consolidated, and "BAMC would be repaid proportionately to other creditors".

But BAMC was not satisfied with the repayment plan. They were especially dissatisfied with the fact that Sava's owners, among them SSH and Pension Fund Management, would not lose everything, but would retain 23% ownership. "It is disinformation, or even manipulation. We had never spoken of 23% share to be retained by the owners. The share of the then owners cannot be defined by creditors and the Sava management."

"Huge profits"
And Narat's opinion of the BAMC attempt to take over Sava's hotels? In his opinion it should be observed in the light of "a huge profit" which will remain after restructuring is completed. Since BAMC bought Sava's debts from bank at lower purchase price, it would make a lot of money by selling a profitable company (considering this year's record season for hotels). That's the reason behind the violent and unlawful attack by the bad bank, Narat claims.