Money laundering scheme detected through nuclear loans in Skopje

Vulin also said Serbia, led by President Aleksandar Vucic, “does not forget centuries of brotherhood” with Russia and expressed “great gratitude<3> to Moscow “which consistently respects Serbia's sovereignty and territorial integrity”.

Meanwhile, Russian top diplomat Sergei Lavrov said his state would continue to offer support to Serbia to maintain its territorial integrity, the Interior Ministry of Serbia announced.

In seven banks in northern Macedonia for nearly two decades, a malactive credit scheme has operated on companies with the aim of money laundering.

A foreign investigation into the bankruptcy of “Eurostandard” in Skopje, the bank financed by its largest shareholder, Trifun Kostovski, businessman and former Skopje leader.

The foreign investigative team led by Drago Kos, president of the OECD working group (The Organisation for Economic Co-operation and Development) for corruption in international businesses and former GRECO president, said in Skopje that a system of illegal bank financing of companies is functioning in northern Macedonia, according to their choice, which is interrelated.

According to him, this operating system began in 2004.

How was this done? The Bank A [ever two or more banks participated in the same scheme] has extended a loan to a half million euro company. That same day, that loan has gone to Bank B, which the same day has given a half million euro loan to the same company, which is returned to the Bank A the following day. So I'm asking you if you think it's possible without joint cooperation and pre-arranged documents, that two banks channel half a million euros through the same company? The answer is clear, it can't be”, said Kos, writes Radio Free Europe.

In this way banks have benefited from artificial credit growth, paid commissions, interest, punitive interest and other costs, while companies that have played the role of illegally obtained money broadcasters, that is, converting loans to loans because of the extraordinary scope of the scheme that did not allow access to the control usually suffer huge losses.

The investigation has included the largest banks in northern Macedonia as “Komercijalna”, “Invest bank/ Sparkas bank”, “Uni bank”, “Stopanska Banka”, “Stater Banka”, “Eurostandard Banka” and “Ohridska Banka”, and 45 companies and Kiraca Trajkovska as a physical person.

The “in 2011, the Eurostanded Bank) had become part of the illegal scheme”, its largest shareholder, Trifun Kostovski, declared on August 22nd.

Even in my dreams, I thought something like this would happen. It's my personal mistake because I trust him very much, and now I learned that I should have faith, but also control”, he added.

According to Kostovsky, “Eurostandard Bank” is “killed deliberately” and has been bankrupt even though its goal, as he said, “has never been fraud”.

The suspicious loans were heard in 2019, and as he claims, after realizing they were part of the “ceptma” and tried to pull out of the scheme, problems started, efforts for the bank's “ ” respectively.

Regarding these claims, the People's Bank of Northern Macedonia has reacted by naming claims in the report as inaccurate and insignificant “ ”.

Such irresponsible behaviour, motivated by personal interests and private motives, can bring unrest and cause unnecessary and groundless damage to financial institutions in the country, including economic subjects and citizens. For the People's Bank, assessments and opinions, especially for the situation in the North Macedonia banking and financial system and the functioning approach of the National Bank, expressed by the adviser to this report, as well as the people committed to preparing it, are insignificant and inaccurate”, the Northern Macedonia People's Bank's response is said.

The People's Bank said it works according to European standards and that it carries out regular supervision of the work of banks, as well as takes appropriate measures within its competencies to maintain the stability of the banking system.

The investigation into the case with “Eurostandard Bank” opened on February 8th of 2021. In the prosecution's announcement of the fight against North Macedonia's organised crime, four are suspected of money laundering and the bank's deliberately bankruptcy.

“Eurostandard Bank” lost operating license in August 2020 due to, as was highlighted at the time, the uncontrolled risk of lending and large bills for loans that were not repaid on time.

The damage the bank has suffered amounts to 55m euros and concerns 149 clients who have received loans that they have not repaid, so the burden has fallen on bank savings and other depositors.