Investigations into a Serbian investment fund, allegedly favored by senior politicians, businessmen who have profited from state contracts, and other individuals, have intensified suspicions of corruption at the highest echelons of politics and business. The focus is on an Alternative Investment Fund (AIF) named Vista Rica, established in 2023, with investors linked to President Aleksandar Vucic and his ruling Serbian Progressive Party (SNS), raising concerns about systemic favoritism and financial opacity.
A 2022 amendment to Serbia's Law on Personal Income Tax permits high-earners to allocate up to half of their annual tax liability to an AIF instead of the state treasury. The government claims this aims to stimulate investment, but critics argue it substantially reduces tax contributions from wealthy investors, potentially exacerbating inequality and undermining public revenue. This legal framework has come under scrutiny as part of the broader investigation into the Vista Rica fund.
According to a 2025 report by investigative journalists from the Serbian weekly magazine Radar, two of the three shareholders in the management company overseeing the Vista Rica fund, along with many investors, have connections to individuals close to President Vucic and the SNS. The largest co-owner, with a 50% stake, is Tatjana Vukic, a senior SNS member known for her closeness to the Vucic brothers. Another high-ranking official, Vojislav Nedic, holds a 25% stake; his brother Novak Nedic, the long-time secretary-general of the government, has been implicated in media investigations alleging ties to a criminal group currently on trial for murder, drug trafficking, and money laundering.
Reported investors in the fund include the brothers of President Vucic, Finance Minister Sinisa Mali, and parliamentary speaker and former Prime Minister Ana Brnabic. The Radar journalists note that the list also comprises businessmen whose companies expanded rapidly after the SNS came to power in 2012, many securing state contracts worth tens or hundreds of millions of euros. For instance, Prointer won only one public tender in 2012 but secured up to 150 in the following five years, while the construction firm Millennium Team has signed state contracts totaling nearly €250 million.
Journalists involved in the probe state that investors in the Vista Rica fund include individuals who have faced criminal investigations or are currently involved in court proceedings. Among them is former handball player Vladimir Mandic, detained in Montenegro on suspicion of carrying large sums of cash and attempting to influence elections. Mandic has also been linked in media reports to networks of loyal SNS activists accused of intimidating protesters and voters, particularly around election periods, with critics noting that such groups rarely face legal consequences, highlighting issues of impunity.
Investigators assert that the diverse range of people connected to the fund illustrates the extensive networks that have developed around Serbia's ruling party. "This is essentially an SNS fund, because the people involved are either in power or tycoons close to the authorities," investigative journalist Vuk Cvijic told DW. "And it appears to enjoy protection across almost all state institutions. Police have not acted, and in some cases investigations have been halted," he added, pointing to broader challenges in accountability and governance within the country.
Source: www.dw.com