"Public enterprises wasting money"

Public enterprises are wasting taxpayers' money, Transparency Serbia and the Coalition for Oversight of Public Finances have warned.

Izvor: B92

Saturday, 18.09.2010.

11:24

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Public enterprises are wasting taxpayers' money, Transparency Serbia and the Coalition for Oversight of Public Finances have warned. The statement followed announcement by the Electric Power Industry of Serbia (EPS) that it would enter into a sponsorship agreement with the Partizan Football Club. "Public enterprises wasting money" The statement pointed out that EPS operates without any serious competition in many market areas. In addition, the company lost more than eight billion dinars last year, amount that needs to be "covered" by the money of all Serbian taxpayers. Nemanja Nenadic of Transparency Serbia underscores that public companies are established to meet the specific public needs and interests, the public interest to support sports not being among them. "They receive budget funding or subventions to fulfill this purpose. They have not been founded to carry out some other forms of socially beneficial activities such as advancement of sports, and spending such as this one is misuse of money. Many public enterprises will be sold and any reduction in their assets would lead to smaller percentage of shares that Serbian citizens would get and thus their further impoverishment", Nenadic said. The NGOs concluded it was unacceptable for any public enterprise in Serbia to enter into sponsorship agreements with sports clubs, especially for enterprises that have market monopoly or are operating at a loss.

"Public enterprises wasting money"

The statement pointed out that EPS operates without any serious competition in many market areas. In addition, the company lost more than eight billion dinars last year, amount that needs to be "covered" by the money of all Serbian taxpayers.

Nemanja Nenadić of Transparency Serbia underscores that public companies are established to meet the specific public needs and interests, the public interest to support sports not being among them.

"They receive budget funding or subventions to fulfill this purpose. They have not been founded to carry out some other forms of socially beneficial activities such as advancement of sports, and spending such as this one is misuse of money. Many public enterprises will be sold and any reduction in their assets would lead to smaller percentage of shares that Serbian citizens would get and thus their further impoverishment", Nenadić said.

The NGOs concluded it was unacceptable for any public enterprise in Serbia to enter into sponsorship agreements with sports clubs, especially for enterprises that have market monopoly or are operating at a loss.

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