While the number of unemployed in Bosnia and Hezegovina is on the increase, the property riches of numerous office holders in the executive and legislative government is on the increase.
An indictment against Naser Kalmedi mentions Fahrudin Radončić, Ekrem Lekić, Senad Sahinpašić Šaja and Naser Orić as members of his organized group.
During the seven years he was at the top of Indirect Taxation Authority, Kemal Čaušević bought nine apartments and offices plus 20,000 square meters of land. His income during that time does not come close to the cost of the investment, but he told reports that he’s been making money since 1986.
The total value of the Lagumdžijas assets is more than 2 million KM currently. According to asset cards he filed for ministerial…
First Bank loan funds were used in illegal construction on Cape Zavala and a waterpark that never happened. Both projects were linked to ruling party vice president and former President of Serbia and Montenegro Svetozar Marovic and members of his family.
Despite the advice of the World Bank, the government of Montenegro refused to seize the bank controlled by the family of former Prime Minister Milo Djukanovic even though a low interest loan hung in the balance. Instead, it spent two years trying to remove government funds from the ailing bank.
An analysis of Central Bank reports shows that First Bank systematically broke a number of major laws and regulations governing the banking sector including banking law, anti-money laundering law, generally accepted accounting practices and reporting standards.
How their citizens vote may determine how easily towns in the RS can borrow development funds from a government bank.
Then Finance Minister Igor Luksic promised that a bailout of First Bank would be overseen by regulators but instead, the first family’s bank was allowed to do whatever it wanted. And when it came time to pay back tax payers, the majority of the debt was simply switched to another governmental agency.
Vuk Rajkovic was one of the people in charge of overseeing First Bank’s operations and ensuring it was compliant with banking regulations in 2007. But Central Bank documents show his case represents one of First Bank’s flagrant violations of the rules.
Some of the loans given by First Bank were not issued according to proper banking practice, according to the Central Bank examiners. A significant number of loans, maybe even two thirds, were approved to family members, shareholders, business partners, and other parties connected to the bank, according to PricewaterhouseCoopers.
Former Prime Minister Milo Djukanovic hasn’t been truthful about where his consulting firm Global Montenegro got its startup loan. It came from his family controlled First Bank, the same bank whose mismanagement led to a taxpayer bailout. Other family members also got great deals from the bank.
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