Ten business empires linked to the ruling political establishment in Serbia owe a total of 195.1 billion dinars (or 1.6 billion euros), according to calculations by Forbes Serbia. The consolidated financial reports of companies owned by the new Serbian business elite, whom Forbes Serbia has previously written about, show that their liabilities in 2023 have generally increased compared to the previous year. Additionally, most of these companies have far higher short-term liabilities and provisions (due within a year) compared to long-term obligations.
It will be interesting to see whether the debts and obligations of companies closely collaborating with the government, involved in major state projects, will rise once financial reports for 2024 become publicly available in the coming months.
The company with the largest amount of both long-term and short-term obligations is owned by businessman Davor Macura, Alta Pay. This result is most likely influenced by the fact that Alta Pay Group also includes Alta Bank. According to financial reports, Alta Pay had long-term obligations of 942 million dinars, while short-term liabilities and provisions were much higher, totaling 74.7 billion dinars. In total, the company owed 75.6 billion dinars (646.8 million euros).
The Millennium Team, owned by Ivan Bošnjak and Stojan Vujak, follows in terms of debt value. This company, employing 1,345 people and consisting of around 15 businesses, had long-term obligations amounting to 24.8 billion dinars, while short-term liabilities were 10.4 billion dinars. Their combined debt reached 35.2 billion dinars (300.9 million euros).
Maneks doo, the parent company owned by Dragoljub Zbiljić, owes a total of 28.8 billion dinars (246.9 million euros). Its long-term obligations were 1 billion dinars, while short-term liabilities were much higher at 27.8 billion dinars.
Nenad Kovač’s company, Koefik, reported debts amounting to 17.1 billion dinars (146.1 million euros) according to its 2023 financial report. Long-term liabilities were 2.9 billion dinars, with short-term obligations totaling 14.1 billion dinars.
British Motors, owned by Ostoja Mijailović, reported a debt of 13.1 billion dinars (111.6 million euros), with long-term obligations of 4.5 billion dinars and short-term liabilities of 8.6 billion dinars. W.D. Concord West, owned by Željko Drčelić, owed 9.2 billion dinars (78.8 million euros) at the end of 2023, with long-term obligations of 983.3 million dinars and short-term provisions of 8.2 billion dinars.
GAT doo, owned by Dejan Slijepčević, owed 7.4 billion dinars (63.9 million euros). Its long-term liabilities were 105 million dinars, and short-term obligations were 7.3 billion dinars. Termomont, owned by Dejan Burčul, reported debts of 3.1 billion dinars (26.4 million euros), while the EL&MI group, owned by Nikola Petrović, had total debts of 2.7 billion dinars (23.2 million euros).
The company Inkop, owned by brothers Zvonko and Žarko Veselinović, has the smallest debt on the list. Inkop’s long-term liabilities were 806 million dinars, and short-term obligations amounted to 1.8 billion dinars. Its total debt reached 2.6 billion dinars (22.5 million euros).
Overall, the total debts of these companies amount to nearly 200 billion dinars (around 1.7 billion euros).
