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Treasury targets Milorad Dodiks' network of wealth-generating businesses, including Prointer

Treasury targets Milorad Dodiks' network of wealth-generating businesses, including Prointer
Treasury targets Milorad Dodiks' network of wealth-generating businesses, including Prointer

 


WASHINGTON Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated a network of two individuals and seven entities that provide significant sources of revenue to the state-designated President of Republika Srpska (RS). -United, Milorad Dodik (Dodik) and his family. Dodik used his official position to accumulate personal wealth through companies linked to himself and Igor Dodik (Igor). For example, in 2024, Igor and Dodik exercised their control over senior officials of the government of Bosnia and Herzegovina (BiH) to manipulate the proposed state budget of Bosnia and Herzegovina so that a contract at the level of the State can be attributed to Prointer ITSS doo Banja Luka Clan Infinity International Groupan. in the network, outside the competitive process.

The United States condemns Dodik's continued efforts to erode institutions that have ensured peace and stability in Bosnia and Herzegovina and the region, said Treasury Undersecretary for Terrorism and Financial Intelligence Brian E Nelson. We will continue to expose fraudulent schemes that allow Dodik and his family to exploit their own people for personal gain.

BACKGROUND

Dodik not only robs the people of Bosnia and Herzegovina through his corrupt behavior, but also threatens their safety and security through his repeated threats to pursue the secession of RS from Bosnia and Herzegovina. Dodik's recent announcement of a formal decision to propose the dissociation of the RS from Bosnia and Herzegovina is a continuation of openly anti-Dayton Peace Accords (DPA) activity and threatens peace and stability of the region. Through his corruption and secessionist rhetoric, Dodik continues to undermine Bosnia and Herzegovina's institutions and enrich his family at the expense of the people, thereby further risking Bosnia and Herzegovina's future within Euro-Atlantic institutions.

The United States designated Dodik on January 5, 2022 pursuant to Executive Order (EO) 14033 for being responsible for or complicit in, or for directly or indirectly engaging in, a violation or act that impeded or threatened the implementation of , the DPA, as well as for corrupt activities. The United States also previously designated Dodik on July 17, 2017 pursuant to EO 13304 for obstructing or threatening to obstruct the DPA. Additionally, the United States. designated Dodiks' adult children, Igor and Gorica Dodik, on October 20, 2023 pursuant to EO 14033 for materially assisting, sponsoring, or providing financial, material, or technological support, or goods or services to, or in support of, Dodik , a person whose property and real estate interests are blocked pursuant to EO 14033.

DODIK FAMILY PATRONAGE NETWORK AND LINKS TO PUBLIC APPEALS

Dodik used his official position to hand over RS ​​government contracts to a network of private companies that he and Igor oversee. Although Igor controls many companies in this network, he conceals his personal ties to the companies by relying on separate nominal owners and directors. Infinity International Group doo Banja Luka (Infinity) is a holding company in Bosnia and Herzegovina that directly or indirectly owns or is a majority owner of at least five other companies based in Bosnia and Herzegovina: Prointer ITSS doo Banja Luka Clan Infinity International Group (Prointer ), Kaldera company. El PGP doo (Kaldera), Infinity Media doo (Infinity Media), K-2 Audio Services Banja Luka doo (K-2) and Una World Network doo (Una).

Additionally, Sirius 2010 doo Banja Luka (Sirius) is an information technology (IT) company that operates within the Dodik family network. Alongside Prointer and Kaldera, Sirius is known in Bosnia and Herzegovina for winning lucrative government contracts. Together, Prointer and Sirius provide IT goods and services to government organizations in RS and Bosnia and Herzegovina, while Kaldera operates primarily in the engineering sector.

For many of these entities, Igor is often involved in behind-the-scenes business operations. For example, in April 2024, then-director Sirius resigned and Igor helped hire the replacement. Igor was ultimately responsible for ensuring that each company, including Prointer, Sirius and Kaldera, made the necessary payments to meet their financial obligations. Additionally, Igor approved a plan to settle Kaldera's debt with a local bank and subsequently, a loan between Prointer and Kaldera was quickly executed. Igor also helped organize a meeting to discuss new contracts with his partners and the general director of Prointers.

Along the same lines, this Dodik network often restructures business ownership to both hide family involvement in businesses and evade sanctions. For example, Prointer took ownership of Alternativna Televizija doo (ATV) in 2021, but quickly transferred ownership to Infinity Media and K-2 after OFAC designated ATV on January 5, 2022 pursuant to EO 14033 for be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Dodik. As of early 2024, K-2 was in the process of merging with ATV, at which point K-2 would absorb and retain all of ATV's assets and ATV would cease to exist.

Although Djordje Djuric (Djuric) and Milenko Cicic (Cicic) hold ownership and management positions respectively within the network, Igor ultimately manages the financial decisions of the network companies, including Prointer and Kaldera, and the approval of Igor is necessary for business decisions. Djuric, as the ultimate owner of Infinity and its subsidiaries, is a close associate of Igors who frequently assists him in his financial activities. For example, Djuric and Igor deliberately took steps to conceal their involvement in a bank account and offshore entity over which they shared control, likely allowing Igor to move millions of euros offshore.

Cicic is the general manager of Kaldera. In this role, Cicic and the Managing Director of Prointer reported to Igor on the commercial activities of Kaldera and Prointer. Additionally, on one occasion, Cicic represented Igor in a meeting with some of Igor's business partners and carried out a series of financial transactions on Igor's behalf with those same business partners. It is important to note that the Milenko Cicic designated today is a different person from Milenko Cicic who was the sole owner of Kaldera until its sale to Prointer at the end of December 2019.

Prointer, Kaldera, Sirius and Cicic are designated pursuant to EO 14033 for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Igor, a person whose property and interest in the goods are blocked in accordance with decree EO 14033.

Djuric is designated pursuant to EO 14033 for materially assisting, sponsoring, or providing financial, material, or technological support, or goods or services to or in support of Igor.

Infinity is designated pursuant to EO 14033 to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Djuric, a person whose ownership and interests in property are blocked pursuant to EO 14033. 'EO 14033.

Infinity Media is designated pursuant to EO 14033 to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Infinity, a person whose ownership and interests in property are blocked pursuant to EO 14033.

K-2 and Una are designated pursuant to EO 14033 to be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, Infinity Media, a person whose ownership and interest in the property are blocked under EO 14033.

IMPLICATIONS OF SANCTIONS

As a result of today's action, all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, all entities that are owned, directly or indirectly, individually or in aggregate, 50 percent or more by one or more blocked persons, are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempted, OFAC regulations generally prohibit all transactions by U.S. persons or within (or in transit) of the United States that involve property or interests in property of designated or otherwise blocked persons.

Additionally, financial institutions and other individuals that engage in certain transactions or activities with sanctioned entities and individuals may be subject to sanctions or enforcement action. Prohibitions include making any contribution or supply of funds, goods or services by, to or for the benefit of any designated person, or receiving any contribution or supply of funds, goods or services from 'such a person.

The power and integrity of OFAC sanctions derive not only from OFAC's ability to designate and add individuals to the Specially Designated Nationals and Blocked Persons (SDN) list, but also from its willingness to remove individuals from the SDN list in accordance with the law. The ultimate goal of sanctions is not to punish but to bring about positive change in behavior. For more information on the process for requesting delisting from an OFAC list, including the SDN list, please refer to OFAC Frequently Asked Questions 897. For detailed information on the process of submitting a request to be removed from an OFAC sanctions list, please click here.

Click here for more information on the individuals and entities sanctioned today.

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Sources

1/ https://Google.com/

2/ https://home.treasury.gov/news/press-releases/jy2414

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