WAZ could save half of invested money

The German media group WAZ will try to save more than half of the EUR 120mn it invested in Serbia, according to daily Hamburger Abendblatt. The daily states that WAZ “can in the best case scenario get more than half of the EUR 120mn invested in Serbia with the sale of its shares.” WAZ could save half of invested money The paper also mentions the possibility of this loss hitting the European Bank for Reconstruction and Development, which helped out WAZ’s business dealings in East and Southeast Europe in 2008 with a sum of EUR 40mn. However, the newspaper writes that the EBRD has stated it would not incur any losses. The bank did not wish to states why it was impossible for it to lose money, nor how much money exactly it invested in WAZ’s activities in Serbia. The daily reminds that EBRD President Thomas Mirow once ran for the office of mayor in Hamburg as a Social Democrat, a party that is friendly with WAZ head Bodo Hombach. "I cannot understand Dinkic" German Ambassador in Belgrade Wolfram Maas reiterated on Monday that the withdrawal of WAZ, one of the top five German investors in Serbia, was not a positive development and that he did not understand the statements of Serbian Economy Minister Mladjan Dinkic that an investor should leave the country and not return. Talking with reporters after announcing the start of a scholarship competition for Serbian students dubbed "Welcome to Germany", Maas pointed out that in all his years in Serbia he has been working on presenting the country as attractive to investors and having a favorable business environment, and that he therefore has little understanding for Dinkic's statements. "I understand his statements even less if you consider that the company through which WAZ is investing in Serbia is a joint company with the European Bank for Reconstruction and Development, which invests between EUR 400 and 500 million a year. I really do not understand telling a company like that not to come back," Maas said. The German ambassador also noted he was not familiar with the details of WAZ business decisions, which he considers an internal matter of the company, and said he could not offer a definitive opinion on the issue.

WAZ could save half of invested money

The paper also mentions the possibility of this loss hitting the European Bank for Reconstruction and Development, which helped out WAZ’s business dealings in East and Southeast Europe in 2008 with a sum of EUR 40mn.

However, the newspaper writes that the EBRD has stated it would not incur any losses.

The bank did not wish to states why it was impossible for it to lose money, nor how much money exactly it invested in WAZ’s activities in Serbia.

The daily reminds that EBRD President Thomas Mirow once ran for the office of mayor in Hamburg as a Social Democrat, a party that is friendly with WAZ head Bodo Hombach.

"I cannot understand Dinkić"

German Ambassador in Belgrade Wolfram Maas reiterated on Monday that the withdrawal of WAZ, one of the top five German investors in Serbia, was not a positive development and that he did not understand the statements of Serbian Economy Minister Mlađan Dinkić that an investor should leave the country and not return.

Talking with reporters after announcing the start of a scholarship competition for Serbian students dubbed "Welcome to Germany", Maas pointed out that in all his years in Serbia he has been working on presenting the country as attractive to investors and having a favorable business environment, and that he therefore has little understanding for Dinkić's statements.

"I understand his statements even less if you consider that the company through which WAZ is investing in Serbia is a joint company with the European Bank for Reconstruction and Development, which invests between EUR 400 and 500 million a year. I really do not understand telling a company like that not to come back," Maas said.

The German ambassador also noted he was not familiar with the details of WAZ business decisions, which he considers an internal matter of the company, and said he could not offer a definitive opinion on the issue.