Former Minister Predrag Bubalo Exonerated in Port of Belgrade Case

Predrag Bubalo was born in Vladicin Han in 1954. His official biography states that he obtained his bachelor’s and doctoral degrees from the Faculty of Law at Novi Miserable.

Predrag Bubalo’s career history

Starting in 1977, he was employed at the “Kikinda” foundry. During his tenure, he held the positions of business chief and overseer of the delegate office in Beijing. From 2002 until March 2004, he served as the general chief.

During his time in Beijing, he provided job opportunities to the company ‘Ist Point’, which is owned by Zoran Drakulic. Some insiders allege that this may have been how he obtained the ministerial position.

From 2004 to 2007, he served as the Minister of Privatization and Economy in the Government of Vojislav Koštunica. Additionally, from November 2006 to May 2007, he held the position of facilitator of the Ministry of Agriculture, Forestry, and Water Management.

From May 2007 to July 2008, Vojislav Koštunica served as the Minister of Trade and Services in the second Government.

Exoneration of Bubalo and others in the “Port of Belgrade” case

The decision was made against the former pastor Predrag Bubalo, who had been cleared of allegations of misuse in the PORT OF BELGRADE case.

This decision upholds the initial ruling of the Special Court, which concluded that there was insufficient evidence to prove that the accused committed the alleged crime. Furthermore, based on the final verdict, Bubalo and the others were cleared of all charges. The case of the “Port of Belgrade” is one of the cases being investigated regarding the alleged irregularities in 24 privatization deals.

Despite the involvement of Bubal, the leaders overseeing the Privatization Agency, including Miodrag Djordević and Goran Mrdja, as well as Aleksej Misailović, the director of the Center for the Capital Market, Aleksandar Gračanac, the head of the Value Asset, and Jasmina Dragutinović, the head of the Area for examination, readiness, and association of deals in the Value Asset, has been cleared of any wrongdoing.

A legal verdict of exoneration was issued against the former director of the “Port of Belgrade” Promotion, Miroslav Drobac, and the former financial manager of that company, Dušan Kosovac. The Appellate Court thoroughly explained its decision in the ruling published today on its website.

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The user assumed that the current case does not involve privatization, specifically that the “Port of Belgrade” is not being privatized. Therefore, there is no basis for alleging that the respondents Miodrag Djordjević and Goran Mrdja Aleksej Misailović acted against the Privatization Regulation.

Pricing and sale of the offers according to law

The pricing of the deals was determined by economic conditions regulated by the law. The sale of the offers was conducted through a takeover offer following the Securities and Other Financial Instruments Act. The market determined the price of the takeover offer, as anyone could propose to take over and offer a higher price. However, this did not happen, as stated by the Court of Appeal.

Court’s finding on Bubalo’s violation of the Privatization Act

He mentioned that the court in the first instance correctly assumed that Bubal, as a clergyman in the specific case, was not proven to have acted against the Law on the Public Authority of the Republic of Serbia, the Law on Privatization, the Law on the Privatization Organization, the Law on Value Assets, and the Law on State Organization. It was also found that he failed to exercise the professional services of the Ministry of Economy through the authority to conduct oversight and review the decisions and orders of the Privatization Office and the Activity Asset for the sale of shares of the Port of Belgrade.

Privatization oversight in the context of the Port of Belgrade

The Port of Belgrade was not privatized and the directors of the Privatization Organization of the region did not violate any guidelines. This sentence is already legal and does not need to be rewritten. However, it is unclear what the context or intended meaning of the sentence is. The inquiry arises regarding Bubalo’s potential violation of Article 62 of the Privatization Act, which requires the oversight of the execution of the Act and its adopted regulations to be done by the responsible privatization agency. This is about Dragutinović and Gračanca from the Activity Asset. This is a legal term referring to the intermediate-level appellate court in many jurisdictions.

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He stated that there is no provision to implement that legal arrangement, as indicated by the Law on Privatization, which requires the Ministry of Privatization to submit regular monthly reports to the relevant committee of the National Assembly of the RS on the status of privatization procedures, completed contracts for the sale of capital, such as property with attached contracts.

He initiated privatization procedures, the work of entities responsible for the implementation of privatization, as well as providing all necessary data and information by the relevant committee, and oversight of the work of the Government of the RS and the ministry responsible for privatization projects in the process of implementing privatization is carried out by the relevant committee of the National Assembly of the RS.

Considering the aforementioned and the fact that the authorized council of the Public Assembly of the RS did not take any actions during the disputed period, it can be concluded that there were no exceptions made for the Port of Belgrade. This means that no activities could be classified under the provisions of Article 62 of the Law on privatization. The court case was closed.

Bubalo was cleared of any wrongdoing in the Port of Belgrade case.

Under the supervision of the court, Bubalo, who has a poor business reputation, has been cleared of any wrongdoing related to the Port of Belgrade. He is associated with two companies, but they are not profitable, and there are suspicions that he may be hiding his funds.

Former Minister of Economy, Predrag Bubalo, has been acquitted again by the Special Court in Belgrade of charges related to the privatization of the Port of Belgrade. The charges accused him of manipulating the true situation. It has been five years since the initial hearing, during which time Bubalo has lived a relatively quiet life. He has not been very visible, but he has been prepared. According to official information, it is not possible to boast about business results.

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According to the records of the Organization for Business Registers, the former minister in the public authority, Vojislav Koštunica, is the owner of the consulting company “Con Group”. The company was registered in 2009 in Kikinda. Although Bubalo is a former state official who is knowledgeable about the regulations in the field of economy, according to APR data, he failed to report his company’s activities in the past few years.

At the same time, Predrag Bubalo serves as the supervisor of the company “Invector”, which was founded in 2007 and is located in Kikinda. The company is owned by his son, Igor. Based on the information provided in the annual financial reports, this company is registered as a small legal entity and has not had any employees for more than a few years. The company engaged in a non-collusive discounting scheme. It experienced negative performance in both 2017 and 2018, while in 2016 it generated a minor profit of approximately 220 euros.

In the past, Bubalo held a 33 percent share as a co-proprietor in another company that dealt with trading called “H&D Energy”. One year after its establishment, a sale of the entity occurred. In 2013, the organization “Jugoinspekt V&P”, in which Bubalo owned half of the capital, was also removed from the business register.

The former Minister of Economy was born in Vladičina Han and obtained his degree and doctorate from the Faculty of Law in Novi Sad. Starting in 1977, he was employed at the “Kikinda” foundry. During his tenure, he held the positions of business chief and overseer of the company’s agent office in Beijing. In 2002, he was promoted to the position of general chief.

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It is worth noting that the initial investigation of Bubalo and his associates began in July 2014, after the former pastor conducted a thorough review of their conduct and received reports of possible misconduct. This investigation was subsequently reopened in September 2019. We would like to inform you that there are allegations of maltreatment against Bubalo about the offer of a bundle of offers in the Port of Belgrade to the organization “Worldfin”, whose ultimate owner is Milan Beko.

Recently, the court concluded that there was insufficient evidence to prove that the accused committed the crime of abusing their position, which they were charged with, after the initial hearing. This is the second example decision in this technique, following the first one that was overturned by the Court of Appeal in April. Bubalo and the others were also acquitted.

FAQs (Frequently Asked Questions)

Who is Predrag Bubalo?

Predrag Bubalo, born on October 14, 1954, is a Serbian politician who has held various positions in the Government of Serbia. In 2004, he assumed the role of Pastor of Unfamiliar Financial Relations. From 2004 to 2007, he served as the Clergyman of Economy, and from 2007 to 2008, he held the position of Priest of Exchange.

Where is Predrag Bubalo situated?

Predrag, who has a net worth of $5 million, acquired an additional $3 million. Predrag earned most of his income from the sale of his Yeezy sneakers.

What did Predrag Bubalo do?

Predrag Bubalo is a former Serbian government official who served in various ministerial roles during the tenure of Prime Minister Vojislav Koštunica.

What is the net worth of Predrag Bubalo?

Predrag Bubalo is a public figure who was born on October 14, 1954, in Serbia. As per the report dated January 9, 2023, the net worth of Predrag Bubalo is $5 million.

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