State Sells Gold, Silver and All Property of Jugoskandik Savings Bank

Last year, the Government of Serbia sold the gold that it had obtained in the bankruptcy proceedings in the Jugoskandik DD savings bank for RSD 886 million.

Jugoskandik was owned by Jezdimir Vasiljevic, better known as “Gazda Jezda”. The savings bank has owned, since the 1990s, over EUR 140 million to citizens, according to the decision of the Commercial Court in Belgrade.

The state obtained all the property of Jugoskandik, worth a total of EUR 9.1 million, according to the decision of the Commercial Court in Belgrade.

In addition to gold and silver (EUR 7.9 million), Serbia also got EUR 877,000, RSD 393,000 and the office space in Nis of 186 square meters worth EUR 73,500. Also, various currencies in banknotes and coins, worth EUR 248,000, were paid to the state account.

The bankruptcy proceedings in Jugoskandik were initiated in July 1993.

Jezdimir Vasiljevic, the former owner of this Ponzi-scheme savings bank, was convicted in February 2013 to five years in prison based on the conviction that, together with associates, in the early 1990s, he had damaged citizens for several dozen million Deutschmarks, reports Radio Free Europe. The time Vasiljevic had spent in jail was calculated into the sentence, so he walked out free the same year.

Vlada Republike Srbije

Government of Serbia

Jugoskandik

Commercial Court in Belgrade

Jezdimir Vasiljević

Gazda Jezda

sale of gold

bankruptcy proceedings

sales and purchase of gold