KRIK: Vucic’s Close Friend Was Offshore Company Owner while Serving as Public Official

Nikola Petrovic (Photo: Beta/MILAN OBRADOVIC)

Nikola Petrovic, a close friend of Serbian President Aleksandar Vucic, was the owner of offshore company Arkshore International in the British Virgin Islands, via which he had an account in Switzerland, according to leaked data of offshore companies, called Pandora Papers. 

According to research of Crime and Corruption Reporting Network (KRIK) published on Oct. 5, Petrovic, then at the helm of state electricity transmission system operator Elektromreza Srbije (EMS) had not reported his ownership of the offshore company to the Anti-Corruption Agency, although he was legally obliged.

KRIK has been told in the Anti-Corruption Agency that Petrovic did not report the offshore company, although he was legally obliged to do so as a public official and could face criminal charges. According to KRIK, Petrovic selected the British Virgin Islands, because in this “notorious offshore destination” data about offshore company owners are kept as top secret.

While serving as EMS general manager, Petrovic also decided to secretly become the owner of another privately-run firm. “This means that anyone can set up a company there and no one can find out about it,” KRIK said, adding that this was how he had managed to hide himself also as the owner of an account in a Swiss bank.

KRIK further said that Petrovic had hired three agencies: Swiss private consulting firm Fidinam, through which he had communicated with agency Alcogal in Panama, which had set up the offshore company, and Swiss law firm Monfrini Bitton Klein which had managed documentation of Petrovic’s company. The papers also reveal that Petrovic’s lawyers have tried to hide from agency Alcogal, which set up the offshore company, that Petrovic was a public official at the time, probably in order to avoid additional checks, according to KRIK.