Owner of Serbia's Alta Bank detained over alleged €383 million embezzlement
Davor Macura, owner of Serbia's private lender Alta Bank, has been detained on suspicion of illegally taking about €383 million from the bank's vault. The central bank has revoked the bank's licence and bankruptcy proceedings have begun.
Serbian authorities have detained Davor Macura, the owner of Alta Bank, on suspicion of illegally taking money from the bank's vault. Prosecutors say he gained unlawful profit of roughly 45 billion dinars, or €383 million. The case has drawn wide attention because Macura reportedly has close ties to the Serbian Progressive Party (SNS), represented by former president Aleksandar Vučić. The party lost a parliamentary election a week ago to the opposition Student List.
Two more people have been detained on suspicion of helping Macura gain access to the vault. Police searched the bank's premises over the weekend.
Licence revoked, bankruptcy under way
On Saturday, Serbia's central bank revoked Alta Bank's licence, citing risks to depositors and to financial stability. It announced that bankruptcy proceedings had started and that the Deposit Insurance Agency would take over management of the lender. The central bank stressed that the country's banking sector remains stable and well capitalised, and said the decision was taken to protect the interests of depositors and creditors. The state guarantees deposits of up to €50,000 per depositor.
State contracts and regional impact
In recent years Alta Bank won several lucrative state contracts. Although it accounts for only three percent of Serbia's banking market, the authorities entrusted it with processing electricity bill payments nationwide.
Since the election, the student movement, which has organised large anti-corruption protests in recent years, has demanded reforms in state institutions that it accuses of loyalty to Vučić's party.
Authorities in neighbouring North Macedonia and Montenegro have also taken measures against institutions linked to Alta Bank in order to protect clients and depositors. The bank's closure has also affected Serbia's Russian emigrant community, as Alta Bank was one of the few lenders serving these clients after Russia's renewed invasion of Ukraine in 2022.
