# 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.](https://odgovornost.rs/en/organizacije/millennium-team): 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](https://odgovornost.rs/en/organizacije/ministarstvo-privrede): 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](https://odgovornost.rs/en/osobe/dragan-stevanovic): 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](https://odgovornost.rs/en/osobe/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](https://odgovornost.rs/en/osobe/ivan-bosnjak): Companies he co-owns, among them Millennium Team, gave Siniša Mali's brother a car and his girlfriend a flat (responsible)
- [Stojan Vujko](https://odgovornost.rs/en/osobe/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](https://odgovornost.rs/en/osobe/ana-brnabic): 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](https://odgovornost.rs/en/organizacije/savet-za-borbu-protiv-korupcije): 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](https://odgovornost.rs/en/osobe/miroslav-milicevic): 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)](https://odgovornost.rs/en/organizacije/agencija-za-sprecavanje-korupcije): 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](https://odgovornost.rs/en/organizacije/jtok): It received the Council's report, which recommends that prosecutors look into abuse in the privatisation (investigation and courts)
- [People's Party](https://odgovornost.rs/en/organizacije/narodna-stranka): 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)](https://odgovornost.rs/en/organizacije/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](https://odgovornost.rs/en/organizacije/ne-davimo-beograd): At the opening of the bids, they claimed the outcome of the privatisation had been agreed in advance (oversight and the public)
- [Ivan Ninić](https://odgovornost.rs/en/osobe/ivan-ninic): 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.](https://odgovornost.rs/en/organizacije/institut-jaroslav-cerni): A state scientific water institute, 92% of which was sold at the starting price (harmed)

## Sources

- [N1: People's Party: Authorities intend to sell the Jaroslav Černi Institute to Millennium Team](<https://n1info.rs/vesti/narodna-stranka-vlast-namerava-da-milenijum-timu-proda-institut-jaroslav-cerni/>): 30 Jan 2021
- [N1: Sale of the Černi Institute: Is it a good move, and does it have anything to do with Makiš Field?](<https://n1info.rs/biznis/privatizacija-instituta-jaroslav-cerni/>): 11 Feb 2021
- [N1: Sale of the “Jaroslav Černi” Institute: Buyers to submit letters of interest](<https://n1info.rs/biznis/prodaja-instituta-jaroslav-cerni-kupci-da-dostave-pisma-o-zainteresovanosti/>): 24 May 2021
- [Savet za borbu protiv korupcije Vlade Srbije: Privatisation of the “Jaroslav Černi” Water Institute (report no. 023-00-1478/2022)](<http://www.antikorupcija-savet.gov.rs/Storage/Global/Documents/izvestaji/IZVE%C5%A0TAJ%20o%20PRIV.%20INSTITUTA%20ZA%20VODOPRIVREDU%20Jaroslav%20%C4%8Cerni.docx>): 18 Feb 2022
- [N1: Anti-Corruption Council: The “Jaroslav Černi” Institute must not be sold](<https://n1info.rs/biznis/savet-za-borbu-protiv-korupcije-institut-jaroslav-cerni-ne-sme-biti-prodat/>): 23 Nov 2021
- [N1: Beta: “Jaroslav Černi” accepts Millennium Team's offer to enter the privatisation together](<https://n1info.rs/biznis/beta-milenijum-tim-ponudio-jaroslavu-cernom-zajednicko-ucesce-u-privatizaciji/>): 8 Nov 2021
- [N1: Directors also in the “Černi” privatisation: Why would we lay people off, our intentions are honourable](<https://n1info.rs/vesti/i-direktori-u-privatizaciji-cernog-zasto-bismo-otpustali-namere-su-nam-casne/>): 8 Nov 2021
- [N1: Activists on the “Černi” privatisation: Agreed in advance, citizens will be the losers](<https://n1info.rs/vesti/aktivisti-o-privatizaciji-cernog/>): 8 Nov 2021
- [N1: N1 guests: Suspicious privatisation and uncertain future of the Jaroslav Černi Institute](<https://n1info.rs/biznis/gosti-n1-sumnjiva-privatizacija-i-neizvesna-buducnost-instituta-jaroslav-cerni/>): 7 Dec 2021
- [Nova.rs: Revealed: SNS's “Millennium Team” bought “Černi” at the minimum price](<https://nova.rs/vesti/politika/otkrivamo-sns-ov-milenijum-tim-kupio-cerni-po-minimalnoj-ceni/>): 5 Jan 2022
- [N1: Milenijum Tim squeezes out minority shareholders and becomes sole owner of the Jaroslav Černi Institute](<https://n1info.rs/biznis/milenijum-tim-prinudno-otkupljuje-akcije-i-postaje-jedini-vlasnik-instituta-jaroslav-cerni/>): 7 Oct 2024
- [Vreme: Milenijum tim: Siniša Mali's brother has worked at the firm for a decade, but they „have nothing to do with the „SNS”](<https://vreme.com/vesti/milenijum-tim-brat-sinise-malog-poslovi-bez-veze-sa-drzavom/>): 26 Jan 2026
- [N1: Anti-Corruption Council: Annul the sale of the “Jaroslav Černi” Institute](<https://n1info.rs/biznis/savet-za-borbu-protiv-korupcije-ponistiti-prodaju-instituta-jaroslav-cerni/>): 28 Feb 2022
- [Savet za borbu protiv korupcije Vlade Srbije: Report on the privatisation of the “Jaroslav Černi” Water Institute](<http://www.antikorupcija-savet.gov.rs/izvestaji/cid1028-3329/izvestaj-o-privatizaciji-instituta-za-vodoprivredu-jaroslav-cerni>): 28 Feb 2022
- [N1: “Černi days” for the Černi Institute: Council says the sale was unlawful, while the authorities stay silent](<https://n1info.rs/biznis/cerni-dani-za-institut-cerni-savet-kaze-prodaja-nezakonita-a-nadlezni-cute/>): 2 Mar 2022
- [N1: ZIP: Annul the decision to sell the “Černi” Institute and bring those responsible to justice](<https://n1info.rs/vesti/zip-ponistiti-odluku-o-prodaji-instituta-cerni-a-odgovorne-privesti-pravdi/>): 3 Mar 2022
- [Danas: Corrupt ties: “Milenijum Tim” gave an Audi and a flat to Siniša Mali's brother](<https://www.danas.rs/drustvo/koruptivne-veze-milenijum-tim-ustupio-audi-i-stan-bratu-sinise-malog/>): 22 Jul 2019
- [N1: KRIK: Milenijum Tim gave an Audi and a flat to Siniša Mali's brother](<https://n1info.rs/vesti/a501712-Milenijum-tim-ustupio-audi-i-stan-bratu-Sinise-Malog/>): 22 Jul 2019
- [Balkan Green Energy News: Contract signed for Đerdap 3 pumped-storage plant documentation](<https://balkangreenenergynews.com/rs/potpisan-ugovor-za-izradu-dokumentacije-za-rhe-djerdap-3/>): 23 Sep 2026
- [Biznis.rs: Contract signed for part of the design and technical documentation](<https://biznis.rs/vesti/nastavlja-se-razvoj-projekta-reverzibilne-hidroelektrane-djerdap-3/>): 24 Sep 2026

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Source: Odgovornost, https://odgovornost.rs/en/afere/jaroslav-cerni-milenijum-tim  
As of: 4 Nov 2026  
Licence: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/deed.en)