The funds have been reportedly secured by the two private funds that recently purchased Elan from state-controlled companies.

Elan, which was sold in July to Merrill Lynch International, the wealth management division of Bank of America, and financial holding Wiltan Enterprises, returned EUR 10m plus EUR 2m in interest, according to Finance.

The Slovenian Sovereign Holding sold its 49.03% stake in Elan, while investment fund Triglav naložbe sold a 25.05% stake, state-owned investment firm DSU a 17.34% stake and insurer Modra zavarovalnica a 8.58% stake.

Merrill Lynch International acquired a 4.9% stake in Elan and Wiltan Enterprise a 95.1% stake.

While the amount for which Elan was sold has not been revealed, it unofficially stands at less than EUR 1,000. However, one of the conditions for the deal was that the buyers secure the EUR 12m to be returned to the state.

Elan was recapitalised by DSU, the state-run fund KAD and Triglav Naložbe in 2008, but the European Commission declared this operation as inadmissible state aid in September 2012.

The first deadline for the return of state aid was June 2013, which was extended following the commitment by the state that the company will be privatised.

The return of the state aid is the latest step in the process of financial stabilisation of the Begunje na Gorenjskem-based company, which manages one of the most recognisable Slovenian brands and employs 570 people.