Saltworks “Bajo Sekulic“ in Ulcinj is one of the oldest companies in Montenegro, covering the surface of 14,5 km2. With its surface Saltworks is among the largest 10 in the Mediterranean region. Between 1926 and 1934 the first salt pans were constructed and the Saltworks was projected to produce 30,000 tons of salt per year. In 2000, the value of the Saltworks was estimated to DEM 110.3 million, which is equal to €55 million. Further in the Study will be described the manner in which the Management Society Eurofond, associated with Veselin Barovic2, the controversial tycoon, along with the former bankruptcy trustee Milorad Ikovic, destroyed the Saltworks by adopting a number of harmful business decisions, in order to enable Eurofond to gain the major ownership of the Saltworks.
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