Agrobanka shareholders has turned to the EU for help Reviewed by Momizat on . Serbian private bank Agrobanka’s shareholders announced they have decided to notify the representatives of the EU about their situation, as the Serbian governme Serbian private bank Agrobanka’s shareholders announced they have decided to notify the representatives of the EU about their situation, as the Serbian governme Rating: 0

Agrobanka shareholders has turned to the EU for help

Serbian private bank Agrobanka’s shareholders announced they have decided to notify the representatives of the EU about their situation, as the Serbian government has ignored fact they have become victims of political games, the Serbian newswire B92 reported June 30.

In their statement, the shareholders explained that notification of the EU was a necessary step as “the Serbian government does not heed the demands of shareholders of Agrobanka, who are the victims of the state-political-financial tycoon crime, and since the fight against corruption and crime as well as creating a positive business climate for the arrival of new investors is just empty campaign promises,” stated the Agrobanka’s shareholders, as cited by the newswire.

“Since May 25, 2014, two years after the extremely dubious closing of Agrobanka, a politically directed trial has not moved, and there is a total media blackout about the company’s affair of the century, we started addressing representatives of the governments of member states of the European Union, thus EU bodies and commercial entities across Europe and the world.”

The shareholders noted that they have received a number of letters from the office of the EU Enlargement Commissioner and the EU Delegation in Serbia, who gave full support in the form of monitoring the fight against corruption that is a priority within Chapters 23 and 24 of accession negotiations. It was also added that the EU representatives expressed gratitude because the letters from the Agrobanka’s shareholders “enabled them to realistically comprehend how the rule of law was being implemented in Serbia.”

Agrobanka shareholders also stated that Serbia does not respect any European Union values.

“Security of investments, efficient and fair judiciary, respect for human rights and private property are just some of the main achievements of the European Union, which Serbia does not respect,” the shareholders’ statement claimed, as cited by the newswire. “In this case everything is known, but still nothing has been done since the capital of domestic and foreign shareholders of Agrobanka ended up with ‘local businessmen’ that are associated with the government and who are financing political parties.”

In December 2011 the National Bank of Serbia introduced receivership in Agrobanka due to the bank’s inability to collect previously approved loans.

Agrobanka was shut down officially in May 2012 and in its place Nova Agrobanka was incorporated, with the state of Serbia investment of EUR 85 mln and a EUR 5 mln contribution of the Serbian Deposit Insurance Agency. Bankruptcy proceedings at Nova Agrobanka commenced in October 2012, and are, to date, ongoing.

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