Cyprus promises Yugoslavia help in recovering Milosevic loot

Published March 12th, 2001 - 02:00 GMT

Cyprus’ central bank has issued an invitation to the governor of its Yugoslavian counterpart to visit its headquarters in order to discuss charges made in Belgrade that Yugoslavia’s deposed president, Slobodan Milosevic, stashed money away on the island while he was still in power, reported the Cyprus Times


Mladjan Dinkic, the governor of the Yugoslav central bank had earlier accused Milosevic of transferring about $4 billion out of the country during the 1990s, while he was still in power. The Yugolslav authorities believe that at least some of that money was channeled through the offshore branch in Cyprus of Beogradska Bank, which was controlled at the time by Borka Vucic, a Milosevic confidante. 


Beogradska Bank’s offshore banking license was revoked by the Yugoslavian central bank in 2000. The bank appealed the decision in court, but was unsuccessful. An appeal is still pending. 


A Cyprus central bank official stressed that all necessary assistance will be provided to the governor of the Yugoslavian central bank in retrieving the lost assets. However, the official said, the Cyprus central bank is not aware of any wrongdoing that took place on its territory. – (Albawaba-MEBG) 

© 2001 Mena Report (

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