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http://www.businessweek.com/news/2013-04-10/serb-court-detains-tigar-boot-maker-s-chiefs-on-fraud-suspicion

Bloomberg News

Serb Court Detains Tigar Boot Maker’s Chiefs on Fraud Suspicion

April 10, 2013

Three senior managers at Serbian boot maker Tigar AD were arrested by police and detained on suspicion of abuse of office, a Higher Court judge said.

“There is a grounded suspicion that Dragan Nikolic, Milivoje Nikolic and Jelena Petkovic committed” a crime over an “extended period of time between the start of 2008 and the end of 2012,” Judge Zoran Kolev told Bloomberg by phone from the town of Pirot, in southeast Serbia where the rubber plant is located. “I have ordered a detention period of up to 30 days.”

The three are suspected of having “inflicted gross damage to Tigar worth 395 million dinars ($4.61 million),” Kolev said.

Nikolic is Tigar’s general manager, Nikolic the executive manager for human resources and Petkovic the company’s executive director for corporate management. Their lawyer, Dejan Dobrosavljevic, said by phone there was no reason for their detention before a trial where “I am confident they will be found innocent.”

The company’s shares last traded April 8 at 200 dinars on the Belgrade Stock Exchange, almost 20 percent above a three- year low of 167 dinars and about a quarter of its value three years ago.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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