Serbian government reportedly forgave JRB debt, company invested millions in ruling party-linked fund

The Serbian government allegedly allowed Jugoslovensko rečno brodarstvo (JRB) to have over 1.3 million euros of its debt to the state written off in December 2024. The decision was reportedly made through a government conclusion that has not yet been made public, according to the news portal Pištaljka.

Following this debt forgiveness, JRB reportedly invested 1.7 million euros into the 'Vista rika korporejt' alternative investment fund. Pištaljka claims this fund is majority-owned by Tatjana Vukić, a member of the presidency of the ruling Serbian Progressive Party (SNS).

JRB was privatized in 2024 under controversial circumstances for half its estimated value. The consortium that purchased it paid 10.9 million euros. Financial reports indicate that JRB, under its new ownership, generated 23 million euros in revenue in its first year post-privatization, more than double the purchase price. A portion of these profits was invested in the 'Vista rika' fund.

Media reports have previously linked investors in the 'Vista rika' fund to the ruling party. Notably, a former assistant director at the Administration for the Prevention of Money Laundering alleged she was fired due to a conflict with the fund's owner, Tatjana Vukić. She claimed banks reported suspicious transactions related to the fund to her administration.

While JRB invested approximately 1.7 million euros into the fund, the state's Development Fund, which had provided loans to JRB, was allegedly left short by about 100 million dinars. Official financial data suggests JRB reduced its debt to the state fund significantly after privatization, partly due to half the amount being written off as the other half was paid as contractually required.