Serbia: Financial entrepreneur Macura arrested following the Alta Banka collapse

The Serbian financial entrepreneur Davor Macura, a businessman considered to be close to Aleksandar Vučić’s Serbian Progressive Party (SNS) and owner of Alta Banka – which was declared bankrupt in the last few hours – was arrested overnight, according to Nova.rs. The police had previously carried out searches at Alta Banka’s offices for over 30 hours, starting on Saturday. In the early hours of Saturday morning, the Executive Board of the National Bank of Serbia had revoked the bank’s operating licence, declaring it bankrupt.

Macura’s arrest was announced by the Serbian Public Prosecutor’s Office for Organised Crime (TOK). In addition to him, G.M., head of the Treasury and Cash Management department at Alta Bank, and I.P., a treasury operations officer, were also arrested. Macura – according to Radio Slobodna Evropa (Radio Free Europe in Serbian) – is suspected of having “stolen money from the bank’s safe, thereby making an illicit profit of around 45 billion dinars”.

He is suspected of having abused his position of responsibility, whilst the others are suspected of having facilitated and aided and abetted the commission of that offence. The statement from the Public Prosecutor’s Office, quoted by RFE, states that Macura is suspected of having exceeded the limits of his authority, having been assisted in this by the suspects G. M and IP, who are alleged to have handed him access cards to the vault or to have used their own cards and their presence to allow him to enter the vault of the ‘Deposito’ without authorisation. The Public Prosecutor’s Office has announced that on 31 October and 1 November, searches were carried out at Alta Bank’s premises and at the flat of the suspect Macura, and that the search of the bank’s premises led to an inventory of the money held in the safe. The suspects have been remanded in custody for 48 hours and will be questioned at the Public Prosecutor’s Office for Organised Crime.

Alta Banka’s branches in North Macedonia have suspended customer services with effect from today until further notice: This decision was taken by the North Macedonian Central Bank (NBRM), which has placed the Serbian private bank under temporary administration following the suspension of its licence in Serbia and Montenegro by the respective central banks. This involves the transfer of the management of the bank’s assets to individuals appointed by the National Bank. The measures concerning Alta Banka – which operates in North Macedonia under the name Alta Banka Ad Bitola – include a weekly limit of 10,000 denari (approximately 163 euros), on the use of funds via the bank’s payment cards by retail customers, and the suspension of online banking services. The Governor of the National Bank of North Macedonia, Trajko Slaveski, stated that the bank remains liquid, is well-capitalised and compliant with supervisory standards, clarifying that the intervention is linked to the shareholder’s situation and aims to protect depositors and preserve the bank’s stability. A few hours ago, the owner of Alta Group, which wholly owns Alta Banka, was arrested in Serbia on charges of having committed various financial offences. Governor Slaveski reported that, on the day before the administration was introduced, customers had withdrawn around two million euros.

Following the financial crash and the revocation of Alta Banka’s licence, the future of other companies within the ‘mini-empire’ built up over several years by 44-year-old entrepreneur Davor Macura – who was arrested today – appears uncertain in Serbia. This empire spans from its core banking business to retail, and from property to hospitality and catering.