BEKO: I am in debt and not obscenely wealthy

(Milan Beko)

Serbian businessman Milan Beko said that he did not feel obscenely wealthy and that he was more indebted than rich at the moment. In an interview for tomorrow's (June 17, 2010) issue of weekly magazine Ekonomist, of which parts were published today on the website of that magazine, he said that the climate in Serbia was such that that "indecent wealth" was considered as being made at the time of Milošević, in the period of the sanctions and bombing.

Beko estimated that the sum of all "the wealth of all 'tycoons' from that time could fit into the left pocket of any person from the today's list" and added that tycoons had made most of their money after October 5, 2000.

- If we are someone's "tycoons" at all, then that 'someone' is Đinđić, Koštunica or Tadić, rather than Milošević - said Milan Beko.

He added that there were no new investments in Serbia and that the capital market practically did not exist, which was the reason why the value of their companies and properties was not clear at all.

- The only thing that is for certain are the obligations towards banks. Therefore, it could be said that I am more in debts than rich - said Beko.

Commenting on the statement by Serbian President Boris Tadić that "obscenely wealthy" individuals could become "legitimate" if they showed greater social responsibility and, for example, had a "tycoon bridge" built, Beko said "Tadić is completely right".

- I think that my colleagues are ready to do that, but the problem is that the initiative came at an inconvenient time, when Serbia is in the deepest crisis. That issue at this moment is completely outmoded because all businessmen are in excessive debts and nobody has a surplus capital on the side any more - he said.

Beko added that he had never had any money on Cyprus and that, after ten years, the authorities should have "a better picture of where that money is and if it exists at all".

- In populism, someone has to be blamed, and "tycoons" are ideal, usual suspects. Populism is one of the roots of our problems - said Beko who is one of co-owners of Beograd harbor.

When asked if he earlier financed some political party, he said that he used to be of the opinion that that could help in democratization of the society. "I am not of that opinion any more", he said.

Beko denied existence of any illegal activities in the processes of privatization of Beograd harbor, company Novosti and C Market.

- I have not yet regretted taking over the harbor, but it is likely that I will because Serbia has become a discouraging country - he pointed out.

Beko did not want to list all Serbian companies he co-owned.