Aluminium Plant Podgorica

Montenegro's Economy Ministry said on Wednesday that the Arbitration Institute of the Stockholm Chamber of Commerce rejected the case for compensation brought by Oleg Deripaska, owner of the Central European Aluminium Company, CEAC.

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.

Russian billionaire Oleg Deripaska's Central European Aluminium Company, CEAC, is suing Montenegro for "hundreds of millions of euros" over the failure of its plant in the capital Podgorica, the firm said in a statement on Monday.

The statement said the case will be heard in Cyprus, where the Russian company has its headquarters.

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.