Sale of the “Jaroslav Černi” Institute to Milenijum tim

Category: Money and deals

Period: from Jan 2021

Outcome: No one investigated (as of 2 Mar 2022)

In January 2022, the state sold 92 percent of the capital of the Jaroslav Černi Institute for Water Resources Development, the only state scientific institution dealing with water, for a starting price of around €2.58 million. The buyer was a consortium made up of Milenijum tim, a company described in the media as close to the SNS, and seven of the Institute's directors. The Anti-Corruption Council concluded that the sale was unlawful and must be annulled, and the Ministry of Economy refused to show it the valuation. No evidence was found that anyone acted on the report, and in 2024 Milenijum tim became the Institute's sole owner.

Institute sold at the starting price

In January 2022, the state sold 92 percent of the capital of the Jaroslav Černi Institute for Water Resources Development, the only state scientific institution dealing with water, to a consortium of the company Milenijum tim and seven of the Institute's own directors. The price was around €2.58 million, the same as the starting price.

The contract was signed on behalf of the Ministry of Economy by state secretary Dragan Stevanović, who called the sale a “textbook example of privatisation”.

Who is Milenijum tim

Milenijum tim, a company working on “Belgrade Waterfront” and other state contracts, is described in the media as close to the SNS. Its co-owner Ivan Bošnjak told a court in 2026 that he is a “proud member” of the party, but that the company does not win contracts through political connections.

In 2019 KRIK reported that companies owned by Bošnjak and Stojan Vujko had for years been providing a car to Siniša Mali's brother, which the company denied.

Sale unlawful, according to the Council

In February 2022 the Anti-Corruption Council found the sale unlawful and said it must be annulled. The mandatory opinion of the National Council for Scientific and Technological Development was missing, the Ministry of Economy refused to show the Council the Institute's valuation, and the directors who prepared the privatisation did not seek an opinion from the Agency for the Prevention of Corruption before entering into a consortium with the buyer.

A report without consequences

The Council's report was sent to the Government and the Prosecutor's Office for Organised Crime. No evidence was found that anyone acted on it: the sale was not annulled, and in 2024 Milenijum tim became the sole owner of the Institute through a compulsory buyout of the remaining shares.

Participants

Millennium Team d.o.o.: In a consortium with the Institute's directors, it bought 92% of the shares at the starting price of €2.58 million, and in 2024 took over the entire Institute (responsible)
Ministry of Economy of the Republic of Serbia: According to the Council, it chose the Institute's buyer without the mandatory opinion of the National Council for Science and withheld the price valuation from the Council (responsible)
Dragan Stevanović: On behalf of the Ministry of Economy, he signed the contract under which the Institute was sold at the starting, minimum price of about €2.58 million (responsible)
Dejan Divac: As general director, he joined Millennium Team in the consortium that bought the Institute, without seeking an opinion on conflict of interest (responsible)
Ivan Bošnjak: Companies he co-owns, among them Millennium Team, gave Siniša Mali's brother a car and his girlfriend a flat (responsible)
Stojan Vujko: Companies he co-owns, among them Millennium Team, gave Siniša Mali's brother a car and his girlfriend a flat (responsible)
Ana Brnabić: She promised that the privatisation, if it went ahead, would be fully transparent (commented on the case)
Anti-Corruption Council of the Government of Serbia: It found the sale unlawful and recommended annulling it, a conflict-of-interest check and a review by prosecutors (oversight and the public)
Miroslav Milićević: Before the sale, he said the Institute must not be privatised under any circumstances (oversight and the public)
Agency for the Prevention of Corruption (until 2020 the Anti-Corruption Agency): According to the Council, it found that the directors had not sought an opinion on conflict of interest before the agreement (investigation and courts)
Public Prosecutor's Office for Organised Crime: It received the Council's report, which recommends that prosecutors look into abuse in the privatisation (investigation and courts)
People's Party: It said the authorities intended to sell the Institute to Millennium Team, which is close to the regime (oversight and the public)
Renewables and Environmental Regulatory Institute (RERI): It said there was no privatisation programme for the Institute as required by law (oversight and the public)
Don't Let Belgrade D(r)own: At the opening of the bids, they claimed the outcome of the privatisation had been agreed in advance (oversight and the public)
Ivan Ninić: He said the Institute, with annual revenue of around €10 million, was being sold for around 2.5 million (oversight and the public)
“Jaroslav Černi” Water Institute a.d.: A state scientific water institute, 92% of which was sold at the starting price (harmed)