11 Feb 2021
By Dragana Pećo (OCCRP/KRIK) andVesna Radojević (KRIK), 9 February 2021
OCCRP — The shadow of Stanko Subotić has long stalked Serbian President Aleksandar Vučić. Allegations of links between the businessman with ties to organized crime and the country’s top politician have often been levelled, but never proven.
Subotić, convicted of large-scale cigarette smuggling in 2011 and handed six years in prison, before being controversially cleared a few years later, has insisted he only ever backed Vučić at the ballot box, never financially.
While opposition politicians and media allege there are deeper ties between the politician and businessman, always without proof, the two steadfastly deny any connection. Such ties would be problematic for the president because of Subotić’s former convictions (since reversed) for criminal activities, and evidence of ties between Subotić and regional drug lord Darko Sarić.
But despite Vučić’s moves to distance himself from Subotić, OCCRP and its Serbian member center KRIK have found that Nikola Petrović — a man known to be very close to the president who describes himself as Vučić’s “best man,” or kum in Serbian — has in fact done business with Subotić.
Petrović established a shell company in Luxembourg in early 2019 through which he ran various Serbian business ventures, including interests in air transport, solar energy, and pharmaceuticals. A closer look into some of these holdings by OCCRP’s Serbian member center KRIK offers the first documented evidence tying Subotić’s network to the president’s inner circle.
“I am not a public figure,” Petrović told reporters when asked about his business dealings. “I do not need to answer your questions and you absolutely don’t have the right to ask me questions. I will report you for harassing me.”
Petrović is, despite these protestations, a well-known and influential figure in Serbia.
So important is his role that he was named in a letter sent by five U.S. members of Congress to then-Vice President Joseph Biden in September 2015, days before Vučić visited the U.S. The legislators were concerned, they wrote, that a small group led by Vučić’s brother Andrej, and including Petrović, had “consolidated their influence and interest in energy, telecommunications, infrastructure and all major businesses in Serbia.”
Our reporting shows that more than five years on, Petrović remains well situated to benefit from a range of state-backed initiatives. As he does so, the looming figure of Subotić is never far away.
The Luxembourg Connection
In October 2018, Subotić moved his holding company, Emerging Markets Investments (EMI), from Denmark to Luxembourg. Initially, he based the company in the capital city, Luxembourg, at the address of Auditex, a tax consulting firm. When Auditex later moved to Leudelange, a small town in the southwestern part of the country, EMI moved with them.
Read more at OCCRP
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