Off shore company to manage the South Stream project in Serbia

4. June 2013. / News Serbia Energy

Representatives of the last three governments announced the construction of Serbian “South Stream” sector as a work of a century because Serbia will earn even 200 to 500 million EUR from transit taxes.

According to research of “Insajder” from B92 Television, there is a possibility for money from taxes to arrive in Switzerland first, because of the common Serbian-Russian Company that supposes to construct pipeline in Serbia is registered in off shore zone in Swiss town Zug.

As “Insajder” reports, this means that Serbian Government won’t have direct control over profit of this company that doesn’t even have its business space, but only mailbox.

Minister of Energy, Zorana Mihajlovic, admits in interview for “Insajder” that Government won’t be able to control completely firm registered out of Serbian territory.

-The thing I cannot understand is why this company is formed in Switzerland, why especially in this city where the all unusual companies are formed. When there are so many companies and subsidiaries, they are mostly used for money deflation, but it doesn’t have to be the case here- Minister said.

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