Origin of funds for Idea, Roda and Mercator takeover to be clarified in Alta Bank insolvency

Serbian bankruptcy proceedings over Alta Bank will need to establish whether funds from the bank were used to finance Alta Retail’s purchase of the Idea, Roda and Mercator chains, former acting director of the Serbian Agency for Licensing of Bankruptcy Trustees Ivana Matić said.

Key questions for the insolvency process

Matić noted that, although the shops can continue operating for now, investigators must trace all financial flows linked to the takeover. Alta Retail — owned by Davor Macura — completed the takeover on 13 October, while the bankruptcy procedure for Alta Bank was opened on 3 November.

"'Roda', 'Mercator' and other acquired companies — for which the transaction was finalised on 13 October — can continue to operate as before. A stake was purchased, which means ownership has changed," Matić clarified.

She pointed out that the retail chains hold accounts with several commercial banks, not just Alta Bank, which allows them to carry out payments and receive supplies without interruption. That multiplicity of banking relationships, Matić said, is standard for large companies.

Referring to the roughly 6,500 employees in the chains, Matić said there is currently no reason for alarm, because stores are trading as usual. She underlined the importance of the agreement reached between Idea and its suppliers to secure uninterrupted deliveries.

"As far as I know, 'Idea' held a meeting with its suppliers yesterday. At the moment it is most important that all parties coordinate efficiently to continue supplying the stores — especially since this is one of the largest and most important retail chains in Serbia," Matić said. The pending legal process will have to determine whether Alta Retail was financed by a loan from Alta Bank when it paid Fortenova for the takeover.

Photo: press material from the event