BREAKING NEWS

Serbian tycoon detained pending corruption trial

By REUTERS

DECEMBER 14, 2012 13:08

BELGRADE - Serbia's richest man, retail tycoon Miroslav Miskovic, was placed in pre-trial detention on Friday after being arrested by police investigating a series of disputed privatization deals.

Miskovic, for two decades one of the most influential figures in Serbia, was arrested two days ago after the six-month-old government vowed to root out organized crime and corruption as it seeks talks on joining the European Union.

His son and eight others were also arrested as part of the probe into allegations that 33 million euros ($43.19 million) was siphoned illegally from a privatized and now bankrupt group of road repair companies.

Miskovic's company Delta Holding, which employs over 7,000 people in Serbia and the Balkan region and last year had turnover of 1.42 billion euros, has denied any wrongdoing.

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