Živković Samardžić, one of Serbia’s leading independent law firms, has secured a major victory for Vojvođanska banka a.d. Novi Sad, a member of the National Bank of Greece Group, in a €13.5 million dispute with Sojaprotein a.d. Bečej, Serbia's largest soybean processor.

The dispute originated from a bank guarantee issued in 1979 by the predecessor of Vojvođanska banka to a German creditor of Sojaprotein. The credit was later refinanced and taken over by the former Federal Republic of Yugoslavia (FRY) during negotiations with Paris and London Club creditors. Under the 2002 law governing FRY's relations with banks, Vojvođanska banka was released from liability as the legal successor of the original guarantor, with its obligations converted into shares in the bank. However, Sojaprotein, the original debtor, was required to settle the debt with Vojvođanska banka but refused to do so, leading to court action by the bank in 2005.

In 2009, the Commercial Court in Novi Sad ruled in favor of Vojvođanska banka. However, this decision was overturned by the Commercial Appellate Court following Sojaprotein’s appeal, and the Novi Sad court rejected the claim in a retrial. After Vojvođanska banka was acquired by the National Bank of Greece, the bank engaged Živković Samardžić for appellate proceedings. In December 2012, the Commercial Appellate Court in Belgrade reversed the previous decision, ordering Sojaprotein to pay €13.5 million. The full amount was collected in 2013.

Sojaprotein appealed to the Supreme Court of Cassation, but the court upheld the lower court’s decision. Following a constitutional appeal, the Constitutional Court of Serbia ordered a retrial, citing procedural concerns. In the final decision, the Supreme Court of Cassation rectified these concerns and reaffirmed the favorable ruling for Vojvođanska banka.

The Živković Samardžić team, lead by the partners and attorneys in our Dispute Resolution Department, successfully represented Vojvođanska banka throughout the proceedings.