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Shkruar nga Diplomatico | Pamfleti.net
Documents reveal clauses that favor the investor and endanger the Serbian public budget...
The Serbian government has signed an agreement with Jared Kushner's company to develop the former General Staff complex in central Belgrade. Published documents show a contractual structure that gives the investor a dominant position in the project and burdens the state with significant financial, legal and urban planning obligations. The joint venture was registered in May 2024 with an initial capital of 10,000 euros. Serbia contributed 2,250 euros and the American partner 7,750 euros. This structure gave the investor 77.5 percent of the shares and Serbia only 22.5 percent. The state granted the investor the right to use two plots of land in the municipality of Savski Venac for 99 years free of charge. Sources included in the analysis emphasize that the investor can transfer ownership of the land free of charge after the project is completed, if the terms of the contract are met.
The agreement gives the investor the right to unilaterally change the project. The state is obliged to remove the cultural protection status of the objects, carry out the demolition, systematize the complex and provide urban planning documents. If Serbia does not meet the thirteen conditions by May 2026, the investor can terminate the agreement and demand compensation. Internal analyses of Serbian institutions estimate that potential liabilities could reach up to 50 million euros, depending on the stage of termination of the contract. The economic value of the land for the investor ranges from 160 million euros to over 300 million euros, according to scenarios analyzed in economic reports published in Serbia.
Kusner is also seeking an exemption from the law on the management of state-owned companies. This request would exempt the joint venture from standard corporate governance rules when the state owns part of the capital. This model reduces the transparency and control that public bodies must exercise over such a project, especially when public property is included in long-term agreements.
The project directly changes the way Serbia manages the central space of Belgrade. The Generalštab area has high symbolic and historical value. Clearly, the Serbian government agreed to sacrifice the status of cultural protection to pave the way for private development. The documents show that the investor has no financial obligation comparable to the value of the property it takes into use. The state bears the highest financial and legal risk, while the investor gains maximum flexibility to change the project and its structure.
This precedent is also important for other Balkan countries. Albania is at a stage where large urban and tourist projects often involve negotiations between the state and foreign investors. The Serbian case shows that an agreement built without a real balance between obligations and benefits creates a great risk for the public budget, territory and state property. Homogeneous obligations, the possibility of high compensation and the provision of land for free use for very long periods create models that could be repeated in the region, if institutions do not establish strong control standards.
The project raises questions about the transparency of decision-making, the real valuation of public property and the protection of cultural heritage. The legal structure that places the investor in a dominant position and that forces the state to perform complex tasks before tight deadlines puts Serbia in a weak position. If the state fails to fulfill its obligations, the public budget may bear high damages, while the investor retains autonomy and benefits secured by the contract./ Pamphlet
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