Prosecutor drops Montenegro Airlines investigation

Thursday, October 8, 2015


The Supreme State Prosecutor's Office in Podgorica has dropped an investigation into the former CEO of Montenegro Airlines, Zoran Djurišić, and other members of his management team who have been accused of covering up millions of euros in unreported losses. Mr Djurišić, who managed the company for nineteen years, resigned on November 28, 2013 after he was dismissed as CEO in July that same year. In 2014, Montenegro Airlines’ new management, headed by Daliborka Pejović, alarmed authorities of creative accounting which took place at the airline in the past, noting that some sixteen million euros in losses were covered up in 2012 alone. Montenegro Airlines falsified financial reports for several years leading up to the summer of 2013. In 2012, the carrier reported a net loss of 19 million euros, while independent auditors later found its actual loss amounted to 35.3 million euros. However, the Prosecutor's office says there is no basis for the case against Mr Djurišić.

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