British ownership shift for Viaduct follows massive €56 million Bosnia arbitration payout

According to the Slovenian investigative portal Necenzurirano.si, the previous owners, Boris Goljevscek and Vladimir Zevnik, sold Viaduct to a company registered in the United Kingdom. The portal reports that the entity is backed by Krste Blazevski, a North Macedonian national.

The transaction has raised suspicions of an attempt to obscure financial trails after the multi-million euro payout was transferred from Bosnia. Necenzurirano.si claims that Blazevski is linked to a network known for acquiring Slovenian firms that subsequently entered bankruptcy or were liquidated, alongside the disappearance of their corporate documentation.

Viaduct successfully won an international arbitration case against Republika Srpska following the termination of a concession agreement to construct hydroelectric power plants on the Vrbas River. The final arbitration ruling forced Bosnia to clear a total compensation bill exceeding €56 million.

The case previously triggered widespread public outcry across the country, particularly when Viaduct attempted to enforce the debt by seeking the seizure of Central Bank of Bosnia and Herzegovina assets and blocking specific international air traffic control revenues.

The investigative report highlights that Viaduct’s founders sold the company for just €1 million, despite the business securing the €56 million settlement just months earlier.

The portal further noted that previous operations involving Viaduct engaged Damjan Belic, a Ljubljana-based bankruptcy administrator and former owner of the Centurion security firm in Republika Srpska, which has been linked to networks close to Alliance of Independent Social Democrats (SNSD) leader Milorad Dodik. The investigation indicates that the final arbitration funds were ultimately deposited into accounts held by Vannin Capital, a British-American litigation funding corporation.

Political fallout continues inside Bosnia and Herzegovina regarding accountability for the massive financial loss. The opposition in Republika Srpska accuses the ruling coalition of catastrophic decision-making during the initial allocation of the concession and the subsequent legal defence, while the Republika Srpska government continues to deflect blame onto state-level institutions and the legal representation provided by Bosnia.