Eight top officials of Agrobanka and two private companies were arrested on charges of corruption, the Serbian Prosecutor's Office for Organized Crime announced Wednesday. The Interior Ministry and the Prosecutor's Office made the arrests.
"So far the investigation has shown that Agrobanka had granted a large number of loans to mutually networked legal entities and without appropriate guarantees, which is contrary to the Law on Banks, the regulations of the National Bank of Serbia and the bank's own acts," the Prosecutor’s Office stated.
The loans were never repaid, and the bank accumulated a US$369 million debt. Its operating license was revoked as a result.
Serbia's Prosecutor for Organized Crime Miljko Radisavljevic would not reveal the suspects’ identities, explaining that the case is still in an early phase.
According to the local media, however, Agrobank’s former chairman Dusan Antonic is on the list of suspects. B92 News reported that he was arrested at a border crossing between Serbia and Bosnia-Herzegovina Wednesday night, after attempting to flee the country.