Owner of brick company arrested on corruption charges

The majority owner of the Kikinda, northern-Serbia based brick and tile manufacturer Toza Markovic has been arrested, the daily Blic is reporting.

Izvor: Blic

Tuesday, 05.05.2015.

13:16

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Owner of brick company arrested on corruption charges

The case concerns "abuses in privatizations," according to the report.

Six more employees of the privatized company have been detained. The group is believed to have incurred losses of EUR 30 million to the factory.

The daily reports that the suspects are charged with taking out bank loans and immediately transferring the money to other companies owned by Babic, "based on supposed borrowing that was never repaid."

This practice allegedly started in 2006 and continued until 2013.

Beside the Kikinda-based factory, Babic also owns Zitoprodukt, Nautika, Unifarma, and FAD companies.

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