EUR 1.4 million for Serbia's budget - Economy Ministry takes back subventions due to failure of 8 investors to meet their obligations

The Economy Ministry has initiated a procedure with commercial banks to encash EUR 1,404,000 bank guarantees. This money of the citizens of Serbia was transferred to the accounts of eight investors in the period 2009-2012 as subsidies for the employment of new workers and the opening and expansion of production facilities. For the amount of money they got from the state, these investors were obligated to invest EUR 24.8 million and create 739 new jobs. The ministry made the decision to initiate the procedure to take back the subsidies because the investors failed to meet their obligations from the investment program and agreements that have recently been terminated, the ministry said in a release.

The state will take back the subsidies given to investors in the following companies: Alfa Properties doo Beograd, Serbia Industrial Solutions doo Kragujevac, BTR EXP doo Boljevac, Nisprodukt doo Nis, Fortis Properties doo Cuprija, Vumo doo Beograd Ugrinovci, Mecen Evropa Tech doo Novi Banovci, Margaritelli -iner -kop Kosjeric – new name: Prag-produkt doo Kosjeric.