BELGRADE: PROBE LAUNCHED INTO SALE OF TELECOM SHARES TO ITALIANS

BELGRADE, July 11 (Hina) - Serbian authorities have launched an investigation into a scandal regarding the sale of part of Serbian Telecom shares to an Italian client in 1997, Serbian Justice Minister Vladan Batic said on Friday. #L# This financial transaction was "accompanied by the biggest robbery in Serbia in the 20th century" and shedding light on it will require the cooperation of judicial and police bodies of several countries, Batic said at a press conference. "This is obviously one of the first cases of organised crime in Serbia with international dimensions. Involved in the sale of 'Serbia Telecom' are banks and companies from Italy, Great Britain, Greece and Cyprus, and I have therefore asked their justice ministers to provide the necessary support in shedding light on this major financial scandal," Batic said. Batic has also requested assistance from the International Criminal Tribunal for the former Yugoslavia, which reportedly possesses extensive documentation on the sale of 'Serbia Telecom'. The company's majority package was sold to Italian and Greek partners in 1997. The media claimed at the time that Yugoslav President Slobodan Milosevic used the money from the sale to buy social peace and ensure the survival of his regime. After the change of government in 2001, agreement was reached for Serbia to buy back the shares previously purchased by the Italian partner. After it bought the shares back in instalments, the state again became the owner of 80 percent of company shares on Thursday. (hina) rml sb