KAP

Russian tycoon Oleg Deripaska, owner of the Central European Aluminum Company, CEAC, is suing Montenegro for "hundreds of millions of euros" over the failure of its plant in the capital, Podgorica, the firm said on Wednesday.

The President of the European Commission, Jean-Claude Juncker, on Tuesday warned Montenegro that it risks bankruptcy if it loses an arbitration case with the Central European Aluminium Company, CEAC, which is seeking almost a billion euro in compensation for its alleged losses in the country.

CEAC filed on Tuesday a request to a Vienna court for arbitration proceedings with the Montenegrin government, seeking over 600 million euro in compensation for losses for the aluminum plant's bankruptcy.

The biggest creditors of the KAP aluminium plant are the Montenegrin government and Russian billionaire Oleg Deripaska, through CEAC.