Bosnia's Serb Republic to check ArcelorMittal's local operations for wrongdoings

By bne IntelliNews July 14, 2013

Bosnia's Serb Republic PM Zeljka Cvijanovic has confirmed that the authorities will make certain checks of the operations of ArcelorMittal's local unit in order to see if there have been any wrongdoings as alleged by the Republic's President Milorad Dodik, daily Nezavisne Novine reported.

Dodik said on July 13 the authorities believe there have been some misconduct in certain procedures regarding the transfer prices, adding the company might be using connected firms to export its profit from the Republic. Talks will be held with company representatives this week.

ArcelorMittal owns 51% of iron ore mining company ArcelorMittal Prijedor. In Bosnia's Federation, the global steel maker also owns Zenica-based steel mill ArcelorMittal Zenica.

Related Articles

Bosnia officially joins Transport Community, unlocking €250mn in EU funding

Bosnia & Herzegovina has formally joined the Transport Community, unlocking more than €250mn EU funding for projects in the country. The European Union and five Western Balkan partners ... more

Bosnia risks losing access to external funding after IMF deal derailed, S&P warns

Standard & Poor’s has affirmed Bosnia & Herzegovina’s B/B foreign and local currency ratings and its stable outlook, but warned that divisive politics are delaying ... more

Bosnia's Sarajevo bourse joins regional SEE Link platform

The second of Bosnia & Herzegovina's two bourses - the Sarajevo Stock Exchange (SASE) - has enabled trading of securities on the markets of Southeast Europe, becoming an active member of the SEE ... more