In his piece, originally titled “Foxes in the Financial Henhouse” and published on March 25, 2014 in The Washington Times, Richard Rahn claims “anti-money laundering surveillance has done little but eliminate banking services.”
Snapshot of website: University of Donja Gorica owned by Montenegro’s Prime Minister Milo Djukanovic – speakers including Richard Rahn, Petar Ivanovic (embroiled in corruption – OCCRP report found below) and Michael Prinz von Liechtenstein (a.k.a. Prince Michael von Liechtenstein – with open letter found below). The Carnegie Foundation’s Dr. Mosis Naim in a research paper states that Montenegro is a mafia state.
Today, we witness a similar pattern involving Austria and Liechtenstein’s financial and corporate entities with Ukraine and Russia’s corrupt political elite. People living under corrupt regimes are not free. They do not have the rule of law, an independent judiciary, and protection of property rights. They do not have economic nor political freedom. Their treasuries continue to be robbed.
The twin legacies of communist rule are disregard for private property rights and the inheritance of institutional power by networks of corrupt government officials; and their private partners in crime cannot be dealt from within.
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Excerpt from OCCRP:
For example, Adriatic Overseas Holdings took over the bankrupt San Investments, a company that Central Bank documents say is among a group of companies owned by Subotic, a controversial Serbian businessman and close friend of Djukanovic. In October 2009 Saric did Subotic’s company a great service when he provided money to secure loans for San Investments through First Bank, the bank owned by Djukanovic’s family.
Another crisis that had nothing to do with global finance had also occurred. Just two weeks earlier, in early October 2009, more than two tons of Saric’s cocaine were seized near the Uruguayan coast on a luxury yacht. Saric evaded arrest despite months of surveillance by the police and was on the run for more than four years until his arrest in March 2014.
In early 2010, Nova Star CG’s shares in the company were transferred to Panama-based Adriatic Overseas Holdings. Adriatic Overseas Holdings is an important company that ultimately connects Darko Saric, Serbian businessman Stanko Subotic and Milo Djukanovic, three people who were intimately tied together through First Bank and a series of real estate deals.
The real ownership of Adriatic Overseas Holdings is unknown, but one man who knows the truth is the current Minister of Agriculture of Montenegro, Petar Ivanovic, a man close to the Prime Minister and a professor at his private university. Ivanovic’s employee, Blagota Radulovic was the director of Saric’s Nova Star CG. He was also previously the director of the Montenegrin Investment and Promotion Agency where Radulovic also worked as his employee.
Djukanovic has been closely associated with Ivanovic and the issue of foreign investment for years. In December 2013, Djukanovic’s government appointed Ivanovic to the Council for Foreign Investments, which is chaired by the prime minister himself.
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