Arrests related to controversial privatization case
Anti-organized crime unit (SPBOK) officers have arrested seven persons on suspicion of their involvement in financial abuses at the Azotara Pančevo factory.
Monday, 23.04.2012.
16:58
Anti-organized crime unit (SPBOK) officers have arrested seven persons on suspicion of their involvement in financial abuses at the Azotara Pancevo factory. The raids which started on Monday morning are set to continue during the day, B92 has learned. Arrests related to controversial privatization case The privatization of the producer of artificial fertilizers has been described in the past as "problematic", while there have been calls for its revision. Interior Minister Ivica Dacic on Monday confirmed the arrests, and explained that those detained were charged with damaging the state in the amount of EUR 8.3mn, at the same time stealing EUR 5.4mn. Among those arrested are former owners of Azotara, and an official of the Privatization Agency who failed to order a check of the company. Two Lithuanian citizens - Azotara's majority owners Vidmantas Kucinkas and Simonas Kasys- are fugitives and have not been placed under arrest. Dacic said that those detained today are being interviewed and that a decision will be made on whether to keep them in custody. He also noted that there were "foreign nationals" among the suspects in the case. The group arrested today is believed to have sold one unit of the company at a price three times higher than that paid for the entire company, at the same time incurring damages to the Serbian state budget. B92 TV's Insajder (Insider) investigative program looked into the case during the past six months, and interviewed former Azotara Director and a minority shareholder Vujadin Jankovic, who is among those arrested today. He asserted that the controversial sale was done by the Lithuanian majority owners. B92's reporters concluded that most damage was done after the privatization was annulled, when the government of PM Mirko Cvetkovic appointed state-owned Srbijagas to manage Azotra. Notwithstanding the fact that Srbijagas deals in natural gas, while Azotra manufactures artificial fertilizers, the Pancevo-based company effectively turned to wheat trading. At the same time, the company's debt, that amounted to some EUR 100mn at the time of the privatization, reached nearly EUR 300mn at the end of last year. A view of Azotara (file) B92
Arrests related to controversial privatization case
The privatization of the producer of artificial fertilizers has been described in the past as "problematic", while there have been calls for its revision.Interior Minister Ivica Dačić on Monday confirmed the arrests, and explained that those detained were charged with damaging the state in the amount of EUR 8.3mn, at the same time stealing EUR 5.4mn.
Among those arrested are former owners of Azotara, and an official of the Privatization Agency who failed to order a check of the company.
Two Lithuanian citizens - Azotara's majority owners Vidmantas Kučinkas and Simonas Kasys- are fugitives and have not been placed under arrest.
Dačić said that those detained today are being interviewed and that a decision will be made on whether to keep them in custody.
He also noted that there were "foreign nationals" among the suspects in the case.
The group arrested today is believed to have sold one unit of the company at a price three times higher than that paid for the entire company, at the same time incurring damages to the Serbian state budget.
B92 TV's Insajder (Insider) investigative program looked into the case during the past six months, and interviewed former Azotara Director and a minority shareholder Vujadin Janković, who is among those arrested today.
He asserted that the controversial sale was done by the Lithuanian majority owners.
B92's reporters concluded that most damage was done after the privatization was annulled, when the government of PM Mirko Cvetković appointed state-owned Srbijagas to manage Azotra.
Notwithstanding the fact that Srbijagas deals in natural gas, while Azotra manufactures artificial fertilizers, the Pančevo-based company effectively turned to wheat trading. At the same time, the company's debt, that amounted to some EUR 100mn at the time of the privatization, reached nearly EUR 300mn at the end of last year.
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