{"id":2636,"date":"2012-02-08T14:42:25","date_gmt":"2012-02-08T12:42:25","guid":{"rendered":"https:\/\/www.krik.rs\/?p=2636"},"modified":"2015-07-10T18:37:31","modified_gmt":"2015-07-10T16:37:31","slug":"failed-privatizations-had-copic-in-common","status":"publish","type":"post","link":"https:\/\/www.krik.rs\/en\/failed-privatizations-had-copic-in-common\/","title":{"rendered":"Failed Privatizations had \u0106opi\u0107 in Common"},"content":{"rendered":"

When the Serbian government privatized ZMAJ, a maker of farm equipment, they said it was a way to bring investment to an important sector of the economy. Economists saw the sale as a next step toward modernizing the strategically important company.<\/p>\n

And a group of accused criminals, respected businessman and a former cabinet minister saw it as an opportunity to make a lot of money.<\/p>\n

The sale of ZMAJ to a group including accused money launderer and cigarette smuggler Zoran \u0106opi\u0107, and its subsequent dismantling, is a stark example of how the privatization process has been corrupted. The company that once produced combines that were used to harvest 95-percent of all crops in the former Yugoslavia is now deserted, its 38.5 hectares of land occupied by two hypermarkets \u2013 one built by a member of the consortium that was supposed to revive the company.<\/p>\n

An Organized Crime and Corruption Reporting Project (OCCRP) investigation found that \u0106opi\u0107 was the common tie between a group of businessman and criminals from Serbia, Bosnia and Herzegovina and Montenegro who formed partnerships that privatized a dozen companies in the region. And the state agencies established to protect the public and monitor investments did nothing to stop them, according to documents from the privatization and other state agencies, and corporate records obtained from local registries and offshore havens around the world.<\/p>\n

\"Roda<\/a>

Roda Market iza napu\u0161tene zgrade Zmaja<\/p><\/div>\n

In an interview with OCCRP, representatives of the privatization agency said the company never stood a chance. Although the sales contract clearly called for ZMAJ to continue production at the same pace or greater, representatives said in a tape interview that wasn’t true.<\/p>\n

“Let’s be straight, the state’s is certainly not committed to the production of harvesters and tractors. We work towards the EU. Do you think that it is a strategic interest for us to have three tractor factories in Belgrade?” said Ivan Paligori\u0107, an agency employee.<\/p>\n

At the heart of ZMAJ and several other high profile privatizations is \u0106opi\u0107, who was charged in August 2010 with laundering drug money for accused narcotics kingpin Darko \u0160ari\u0107. OCCRP reporters found that \u0106opi\u0107 has partnered with, and sometimes fronted for, some of Serbia and Montenegro’s top businessmen and crime figures, according to business registry records, court documents and an interview with \u0106opi\u0107. The privatization purchases, funneled through offshore companies, made millions for the partnerships but destroyed companies and ruined lives of workers.<\/p>\n

Among \u0106opi\u0107’s partners: brothers Pavle and Gordan Ba\u0161i\u0107, the Stanaj family of Montenegro, former Energy Minister Goran Novakovi\u0107 and one of Serbia\u2019s most well-known businessmen, Bogdan Rodi\u0107.<\/p>\n

The Stanaj family, based in Podgorica, owns Audi and Volkswagen distributorships, real estate holdings, a large network of newspaper and cigarette stands, and is Montenegro’s largest cigarette wholesaler. A Belgrade District Court convicted Anton Stanaj of cigarette smuggling in late May, handing him a 6.5 year prison sentence and a \u20ac100,000 fine.<\/p>\n

The police charged Ba\u0161i\u0107 for abuse of office for privatization fraud.<\/p>\n

\u0106opi\u0107 was charged with money laundering last year in Serbia, part of an indictment that included \u0160ari\u0107 and seven others. He fled to Bosnia and Herzegovina, and was arrested in April by police in Banja Luka, also on charges he laundered money for \u0160ari\u0107. In 2004, he was charged with cigarette smuggling in Serbia. He was initially found not guilty but then the verdict was appealed and a judge ordered a retrial. The case is pending. Members of the Privatization agency said they had no idea \u0106opi\u0107 and the others were involved in ZMAJ until informed by a reporter from OCCRP. Still, they said they don\u2019t have the ability to search for offshore ownership or monitor money laundering, saying that task belongs with the National Bank of Serbia and the anti-money laundering agency.<\/p>\n

\"Goran<\/a>

Goran Novakovi\u0107<\/p><\/div>\n

Between 2005 and 2008 \u0106opi\u0107 privatized at least 15 companies in Serbia and BiH. Nine of them went bankrupt, often after selling off property. Two were seized due to suspicion of money laundering. Others are worthless, \u0106opi\u0107 said in an interview with OCCRP.<\/p>\n

In some cases, he obtained mortgages using the state property as collateral in a violation of privatization rules, police and prosecutors said. In an interview with OCCRP, he acknowledged that he and his partners usually bought the companies only for the land value. His real goal, he said, was to take several companies he brought and combine them into two larger, stronger entities.<\/p>\n

Several of \u0106opi\u0107’s largest purchases, including ZMAJ and Mitrosrem, a major land owner, were bought in tenders through the privatization agency. The agency had no control over other high-profile companies that \u0106opi\u0107 took private by bidding on the open Belgrade Stock Exchange.<\/p>\n

The ZMAJ Deal<\/strong><\/p>\n

In 1946 the new socialist government of Yugoslavia re-established ZMAJ, by then a two decade old company, as the largest maker of agricultural equipment in the country. At its height it produced around 1,200 harvesting machines yearly and employed 5,000 workers. Its productivity slipped over the years, but still churned out 34 tractors in 2005.<\/p>\n

Since 2006, when \u0106opi\u0107 and his partners took over, the company has produced nothing. Financial reports filed with the Serbian Business Registry showed that the number of employees has dropped from 647 before privatization to 73 in 2010.<\/p>\n

A recent tour of the factory showed no workers on site and a 36,272 square meter building empty and in disrepair. Glass from its windows littered the lot. A couple hundred meters away, also on ZMAJ property, are two brand new large supermarkets, including RODA, built by \u0106opi\u0107 partner Bogdan Rodi\u0107 and since sold to Slovenian giant Mercator. The other is the company DIS.<\/p>\n

In December of 2006, a consortium that included \u0106opi\u0107 and Pavle Ba\u0161i\u0107, a businessman who police charged with privatization fraud in a separate case, bought ZMAJ. The group paid \u20ac1 million for the company, and pledged to invest an additional \u20ac6 million over the five years. Instead, production stopped soon after.<\/p>\n

The consortium used a series of offshore companies based in the British Virgin Islands, Delaware and elsewhere to gain control, further tangling the ownership, according to records in BVI, Serbia and the United States<\/p>\n

According to Central Securities Depositary and Clearinghouse, a Serbian government agency that tracks shareholders on the Belgrade Stock Exchange, the partnership that bought ZMAJ included the following:<\/p>\n

++Agrocoop of Belgrade, 31 percent. Agrocoop is 50 percent owned by \u0106opi\u0107, Ba\u0161i\u0107 brothers, and the Stanaj family of Montenegro through their companies DSD Tobacco, and Novi Sad-based Tandem Financials and Europamont.<\/p>\n

++ Figra of Belgrade, 50 percent. The company was founded by ERG International from the British Virgin Islands. Registration documents show that Goran Novakovi\u0107, former Energy Minister in the Zoran \u0110in\u0111i\u0107 government, was a director and representative of the company.<\/p>\n

++D\u2019Arcy & Platt, of Belgrade, one percent. The company was founded by Red Plate of BVI, with Novakovi\u0107 as director. Asked by an OCCRP reporter in a telephone interview if he was a member of partnership as the owner of this offshore, Novakovi\u0107 said “yes.” Later, he contradicted this admission in an email. He also said he sold out the shares after one year.<\/p>\n

++ Finpro, of Delaware in the US, 18 percent. Finpro’s legal representative is Zoran Koprivica, who is the legal representative for Serbian businessman Rodi\u0107.<\/p>\n

Finpro bought 50 percent share from Novakovi\u0107. Koprivica is the president of the board of directors of ZMAJ, and three other senior employees of the Rodi\u0107 family holdings are also directors.. In a taped interview, \u0106opi\u0107 confirmed that Rodi\u0107 is his partner in ZMAJ.<\/p>\n

Rodi\u0107 could not be reached for comment and did not return a series of phone calls to his office over the previous four weeks.<\/p>\n

Novakovi\u0107 responded by e-mail to questions from OCCRP. He said Rodi\u0107 put him in touch with both \u0106opi\u0107 and Ba\u0161i\u0107, and presented them as Rodi\u0107 partners. Novakovi\u0107 said he needed “strategic partners”‘ to gain privatization agency approval, and \u0106opi\u0107 qualified because of other businesses.<\/p>\n

\"Anton<\/a>

Anton Stanaj<\/p><\/div>\n

He claims that in his one year of ownership ZMAJ complied with the contract. Privatization agency documents contradict that assertion and say it didn’t continue producing machines as required.<\/p>\n

The Contract<\/strong><\/p>\n

Serbian authorities put ZMAJ up for sale through privatization with the idea that it was strategically important and could increase the production of harvest and other agricultural machines, according to experts in the agricultural field interviewed by OCCRP.<\/p>\n

According to the sales contract, the buyer is obligated to “in a period of 5 years … make every effort to \u2026 maintain the current round of production.”<\/p>\n

The contract would be cancelled if the “buyer does not provide continuity in carrying out basic activities registered.”<\/p>\n

But, OCCRP\u2019s investigation showed the contract was not fulfilled. Production of harvest machines stopped immediately after the sale and the company no longer produces anything.<\/p>\n

OCCRP obtained internal documents of the Privatization Agency – reports which shows the agency was aware that production decreases, but did nothing. For instance, an October, 2007 agency report said that “there was no organized production” and that the source of company\u2019s income was sale of spare parts, material, renting and subsidies.<\/p>\n

A May 2008 report showed that the company had essentially stopped operating and that sales revenues “accounted for only 9.40 percent compared to sales revenues in 2005.” Today, ZMAJ produces nothing, but it still controls the contract, and with it millions of Euros worth of valuable land.<\/p>\n

\u0106opi\u0107, in a taped interview, said “ZMAJ was not purchased for agriculture” and confirmed that it was bought for its property.<\/p>\n

Controllers for the Privatization agency found that in the first year of ownership, the partners mortgaged 24 percent of the company assets to Metals Bank of Novi Sad to, among other things, help win bank guarantees of \u20ac2.7 million for other companies owned by Rodi\u0107 but not connected to ZMAJ.<\/p>\n

The guarantee did not help ZMAJ but rather Vr\u0161a\u010dki vineyards, a company privatized by Rodi\u0107. Another portion of ZMAJ was mortgaged to the same bank so that Rodi\u0107\u2019s company M&B Invest could get \u20ac3 million, the records show. The president of ZMAJ\u2019s board of directors, Ba\u0161i\u0107, said the money was to pay off a ZMAJ debt.<\/p>\n

When Privatization agency officials asked Ba\u0161i\u010d to submit the contracts explaining the relationship between the ZMAJ and M&B Invest, he said that such agreements do not exist, agency records show. He could not explain why the money was paid.<\/p>\n

The general director of ZMAJ, Vesna Miljkovi\u0107, was arrested in January 2011 for abuse of office costing the company \u20ac800,000. She is in detention and could not be reached for comment.<\/p>\n

Privatization: from Montenegro to Serbia<\/strong><\/p>\n

Most of the companies \u0106opi\u0107 was involved with had a similar fate. Besides Agrocoop and Zmaj, another \u0106opi\u0107 Company, DSD Tobacco of Ni\u0161, purchased Mitrosrem, for \u20ac15 million. Sremska Mitrovica-based Mitrosrem has, among other assets, 8,518 hectares of land in Vojvodina. In 2008, \u0106opi\u0107 tried to sell the company to \u0160ari\u0107, named by Argentinean and Serbian police as an international cocaine smuggler. They agreed on a price of \u20ac27 million to be paid over time through various \u0160ari\u0107 front companies, according to business registry records, prosecutors and an interview with \u0106opi\u0107. (See accompanying story on \u0106opi\u0107\u2019s Bosnian dealings). \u0106opi\u0107 said he was never fully paid for the company before police seized it after a warrant was issued for \u0160ari\u0107.<\/p>\n

\"Scheme<\/a>

Scheme of Zmaj purchase<\/p><\/div>\n

Other privatizations involving \u0106opi\u0107 or his affiliated companies included Mlinpek, a company producing bread in the town of Knja\u017eevac. Mlinpek was bought by a consortium including \u0106opi\u0107’s DSD Tobacco and Agrocoop, along with Stanaj\u2019s Europamont.<\/p>\n

Business records show the company was liquidated in February 2011.<\/p>\n

In 2006, Agrocoop and Europamont also bought Stani\u0161i\u0107, a company that controlled vast amounts of agricultural land. Serbian police say \u0106opi\u0107, together with his associates, illegally obtained the company’s 987 hectares of land, obtaining an illegal gain of \u20ac4.1 million, Serbian police said in a 2011 press release.<\/p>\n

Stani\u0161i\u0107 was liquidated in August 2010.<\/p>\n

According to police and land registry documents, the land had a mortgage on it and couldn’t be sold. Police allege\u2013 that \u0106opi\u0107, with help from an employee at the land registry, illegally transferred ownership of the land to companies under their control.<\/p>\n

Those companies then transferred the land to AIK bank to pay off a debt owed by another \u0106opi\u0107 company, Megatabak.<\/p>\n

\u0106opi\u0107 explains things differently. He said to avoid Stani\u0161i\u0107 land from being seized to pay off the debts of the company, \u0106opi\u0107 told OCCRP he gave Agrocoop land to the bank to satisfy the debt with the agreement he could buy the land back within a year.<\/p>\n

In September, \u0106opi\u0107 and three directors of his companies were charged with improperly enriching themselves through the company IPOK, a corn processing firm \u0106opi\u0107 bought in privatization through his company Argostan. According to police, \u0106opi\u0107 mortgaged assets of the entire company to get another loan from AIK Bank. Money was then transferred to other companies of his in form of loans which according to police were never paid back.<\/p>\n

Several other companies had a similar pattern. \u0106opi\u0107’s companies bought the seed producing company Banat Seme, another agricultural firm in 2006, and leveraged that company to buy still another, Hemovet, for \u20ac7.5 million, according to state records. Bankruptcy of Hemovet was initiated in November 2010.<\/p>\n

In May 2007, Agrocoop bought the cigarette distribution company Megatabak for \u20ac500,000 and transferred the ownership to Cyprus through another holding company. \u0106opi\u0107 said he did that only to get around banking rules.<\/p>\n

“I wanted to separate them because of the banks, so they wouldn\u2019t be connected companies. You can\u2019t take a loan from the same bank if you already have one,” he said. \u0106opi\u0107 also owned former state owned companies Sugar factory in Sremska Mitrovica and grain producer Sokolac, but both companies are now undergoing bankruptcy.<\/p>\n

His most recent privatization, of the sugar factory in Bijeljina, Bosnia and Herzegovina, didn’t get a chance to go bankrupt. He invested \u20ac6.4 million, according to Bosnian privatization records, but police blocked his shares under suspicion he bought it with drug money from \u0160ari\u0107. \u0106opi\u0107 has denied this claim.<\/p>\n

In an interview just before his April arrest, \u0106opi\u0107 insisted he did nothing wrong in that case and was simply making wise business decisions.<\/p>\n

“You go, borrow the money, and buy one company\u2026 That firm you bought has some property. And then you go buy second, third and sixth, got it,” \u0106opi\u0107 told OCCRP.<\/p>\n","protected":false},"excerpt":{"rendered":"

When the Serbian government privatized ZMAJ, a maker of farm equipment, they said it was a way to bring investment to an important sector of the economy. Economists saw the sale as a next step toward modernizing the strategically important company. 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