Kerum Ltd. in bankruptcy, but new company Kruščica is flourishing

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07.11.2018.

Ante Čizmić / Hanza media

New business empire - instead of stores, they get millions from tourism and real estate.

Former retailer is managing the hotel-real estate business through a company registered in the name of his wife Fani Kerum. Even though the retail company Kerum Ltd. Is bankrupt, entrepreneur and former Mayor of Split Željko Kerum does not have reason to worry as his wife Fani Kerum's company Kruščica Ltd. is posting annual revenues greater than HRK 12.4 million.

Kerum has apparently taken up construction and tourism, for which his wife's company is registered, after his large retail chain went under and he tested political waters.

We tried reaching Kerum yesterday, but he did not respond to our calls. As for the new business he took up, construction, it is interesting to note that Kerum's former adviser for urban planning Branka Mimica is at the head of City of Split Urban Planning and Environmental Protection Office. Kerum made an announcement yesterday after his company went bankrupt.

Final blow

-The Split Commercial Court decided to start the bankruptcy process for Kerum Ltd. I am not planning to appeal because I believe starting the process is the only solution. Kerum Ltd. has been inactive for six years. It ceased operations and has no employees - said Kerum and added that "all workers, some 2,000 who worked for Kerum Ltd. have been taken care of and were paid in full." Kerum couple's new business venture, Kruščica, named after the cove in Rogoznica, has been posting growth of revenues since its founding and reported revenues of HRK 12.4 million in 2017, but expenditures were significant and the company posted profit of 94,900.

However, the company pointed out in its financial report that "book value of the company's assets stood at HRK 44.3 million in 2017."

The report revealed that "tangible assets include plots, buildings, facilities, equipment and inventory, movable assets, biological assets, advances for tangible assets, other assets and investments in real estate."

Fani Kerum's mother Anita Horvat founded the company in 2012 with share capital of HRK 4.9 million. It has 18 employees and manages the Perla tourism complex in Rogoznica, where the Kerum couple frequently stays in summer, while they spend winters in their villa in Meje in Split. Kruščica got concession on the beach in Rogoznica in November 2014 and will hold it until November 2024 for HRK 35,000 and became owner of part of a plot in Rogoznica at the start of the year, which is evident from land registry.

The Kerum family is not lacking in real estate after their companies went bankrupt - according to the court register, the commercial-residential building where Željko Kerum is registered as resident is owned by his brother Jure Kerum.

Building registered in the name of brother

The five-floor commercial-residential building in question comprises a 75-square meter ground-level apartment, 50- and 38-square meter apartments as well as two 94-square meter apartments and two apartments of about 90 square meters. All are registered in the name of Jure Kerum, while land registry shows a loan of HRK 710,000 from Privredna banka Zagreb (PBZ) from 2017.

List of assets

In Gornje Ogorje, where the Kerum family is from, they have several houses, farms…

Kerum revealed in his list of assets from 2012 that market value of his real estate stands at EUR 3.283 million. This includes plots in Rogoznica and Split, house and garden in Solin and Čiovo, house in Podstrana, house in Zagreb and Neva hotel, which is now registered in the name of his former wife.

Kerum bought real estate in Zagreb in his time, but mostly through the former Kerum Zagreb, now Sapora Ltd., which is also bankrupt. The address where it is registered, Tuškanac in Zagreb, is owned by Kerum's former wife according to land registry. A loan worth EUR 2.3 million from 2008 can be seen connected with the piece of real estate.

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