Exposed: Investments of the SNS Elite in the “Vista Rica” fund – allegations of money laundering and favoritism in state contracts

Serbian investigators are examining several deposits in the investment funds “Vista Rica Invest” and “Vista Rica Corporate”, established in November 2023 by Tatjana Vukić, Vojislav Nedić, and Srđan Davidović.

These funds, linked to high-ranking officials of the ruling SNS party and elites close to power, are suspected of money laundering, particularly following the rapid growth of deposits and the expansion of a privileged client list.

Vukić, a member of the SNS Presidency with close ties to the Vučić brothers, owns 50% of the fund and serves as Chair of the Supervisory Board. She also manages the Foundation for the Serbian Nation and State, as well as the companies A Mi Manere, Paradoxo Temporala, and Milanković Renta. Her partners include Nedić (25%, SNS lawyer and father of former government secretary Novak Nedić) and Davidović (25%, employed at Svis Re in Zurich). Zoran Popović, appointed Chair of the Supervisory Board, is connected to the daughter of the Central Bank Governor (NBS), Jorgovanka Tabaković, through the company Enterprise Communications Solutions, which holds lucrative contracts with NBS. All entities share the same address on Milan Tepić Street in Belgrade.

In the first year (2023-2024), the funds reportedly generated €402,000 in revenue and a net profit of €111,000. The current year (2025) is projected to be much stronger due to the expansion of clients to businessmen affiliated with SNS since 2012 and an increase in deposits. From January 2024 to February 2025, selected clients deposited over €3 million in foreign currency accounts and a total of €86.3 million, bringing total fund value to approximately €86.3 million.

Among the main investors are relatives of high-ranking officials. Andrej Vučić (brother of President Aleksandar Vučić) invested €4,260 in dinars. Predrag Mali (brother of Finance Minister Siniša Mali) deposited €25,000, twice as much as Vučić. The record deposit was made by Igor Brnabić (brother of former Prime Minister Ana Brnabić), contributing €50,000, twelve times that of Andrej Vučić.

Lawyer Igor Isailović, a business partner of Ana Brnabić (co-founder of Energy & Innovation in 2015, later closed) and connected to Marin Mali, deposited €100,000. Isailović has been involved in cases of questionable fund origins, including the alleged inheritance of €95,000 from Marin Mali.

The largest individual deposit comes from Aleksandar Galić, owner of Galensa (with his brother Bojan), who contributed €12.8 million personally. Galensa, along with numerous subsidiaries, reported €2.7 million in net profit last year. The Galić business empire includes Galens Invest (net profit €3.6 million in 2024, over €16 million in five years), partnered with Ossid Kapital of Sanja Petrić (wife of Nebojša Petrić, owner of Promist). Other subsidiaries operate in construction across Novi Sad, Belgrade, Jahorina, and Zlatibor, benefiting from local government support.

Davor Macura, owner of the Alta Pay group (former currency exchange), invested in both funds: €213,000 and €251,000 personally, plus €591,000 from Alta Pay, totaling €1.055 million. The group achieved €59 million net profit over five years, with revenue growth from €28 million (2020) to €140 million (2024). Macura owns Alta Gold, Alta Leasing, and major stakes in Prokoopac (state-subsidized €3 million for Hotel Union for Expo), formally owned by Vladan Miketić, accused of attempted murder.

Ivan Bošnjak, co-owner of Milenijum Tim (public infrastructure projects), deposited €682,000. Milenijum Tim ranks 61st in revenue (€250 million) and 56th in net profit in Serbia.

Other investors include Ostoja Mijailović, Dragoljub Zbiljić (invested €17,000, despite high profits: Energotehnika – Južna Bačka €20.6 million, Elektromontaža €10.8 million, Maneks €13 million, Dot Networks €3.9 million), Batrić Radunović, Siniša Narić, and Manojl Mandrapa. These businessmen, empowered after SNS came to power, form a new business elite whose investments reflect confidence in Vukić’s funds, while raising suspicions about the source of funds from public or opaque sources.

This financial network highlights a close interplay between politics and business, where large deposits (over €86 million in 14 months) prompt scrutiny regarding transparency and the origin of funds.

This investigation by Serbian media comes amid broader criticism of SNS for state capture, with favored businessmen gaining public contracts and investing in structures connected to the ruling party. Alternative funds like Vista Rica exploit legal loopholes for tax optimization, but suspicions of fund origin (from state contracts or opaque sources) have drawn investigative interest.

To date, no official charges have been filed, but the case underscores the intertwining of politics and capital in contemporary Serbia./TheGeopost.