Dr Simo Milosevic Institute tender canceled

(Institute in Igalo)

Montenegrin Privatization Council canceled privatization tenders for Dr Simo Milosevic Institute in Igalo and the Pobjeda company on Tuesday.

Aleksandar Ticic, secretary of the Council, said that the submitted bids were not in compliance "with the criteria prescribed by tenders."

Bids for the institute came from France's Vichy and Miodrag Kostic's MK Group - EUR 6 million.

Vichy offered an investment of EUR 33 million, announcing that about EUR 117 million would be invested in new facilities. Kostic offered to invest about EUR 20 million and to pay the institute less than it is really worth, said people at the Privatization Council.