The Commercial Court in the Istria County town of Pazin has set the value of an unfinished dredger the Pula-based Uljanik shipyard was building for the Belgian/Luxembourg group Jan De Nul at HRK 1.059 billion, and set the terms of sale.

The court ruled that at a first public electronic auction the vessel may not be sold for less than three-quarters of the value determined, or HRK 794.2 million. At a second auction it may not be sold for less than half its value, or HRK 529.5 million, and at a third auction for less than a quarter of its value, or HRK 264.75 million. In the event of a fourth auction, the starting price would be 1 kuna.

According to unofficial sources, an invitation to the first auction could be announced later this month and could be completed by late September, by which time it could be clear whether Jan De Nul would be the buyer and how much of the HRK 920 million guarantee the government would manage to recover.

(EUR 1 = HRK 7.38)