Yugoslav River Shipping (JRB), the only state-owned shipping company, is likely to be sold to a domestic consortium for only 50% of its estimated value, according to PiĊĦtaljka. The sale process is being conducted under strict secrecy, with journalists previously covering the case now barred from entering the Ministry of Economy, where the bids were scheduled to be opened.
PiĊĦtaljka received official confirmation from the Ministry that, in the repeated sale of this state-owned companyâwhich recorded a profit of five million euros last year and has an initial sale price of just 10.9 million eurosâonly one bid was submitted. This lack of competition raises concerns that the company may be sold for significantly less than its estimated value. Although the Ministry has declined to disclose the buyer’s identity, sources suggest that the offer came from “Karin Komerc MD,” a Novi Sad-based firm.
“Karin Komerc MD,” known for gravel extraction, construction and concrete production, announced on social media that it is also involved in river transport following the disclosure of the sale price.
PiĊĦtaljka previously reported in 2019 that the state was accused of favoring this company in projects like the viaduct construction in Äortanovci, which resulted in the downfall of “Mostogradnja,” one of Serbia’s oldest construction firms. Since then, “Karin Komerc MD” has secured numerous state contracts, including those for the modernization of railways and participation in the “Turkish Stream” project, often in non-transparent ways as a subcontractor on major interstate projects exempt from public procurement laws.
