No official reaction to Telekom corporate bond issue

No official reaction to Telekom corporate bond issue

No official reaction to Telekom corporate bond issue Izvor: N1

The Nova.rs portal said on Thursday that there has been reaction from the authorities to claims that the Telekom Serbia is entering what experts call a danger zone by issuing 23.5 billion Dinars in corporate bonds, adding that there has also been no official reaction to other dubious contracts that the state-owned telecommunications company entered into.

University professor Goran Radosavljevic said that the corporate bond issue worth about 200 million Euro will affect Telekom operations but “will not plug holes if the company continues doing business in this way”. “The debt has been increased to about 1.2-1.2 billion Euro and the company is worth not more than 2.4 billion Euro, he said. According to the professor from the FEFA University, the level of the debt is not the problem.

“It does not have to mean that the company will fail, we don’t know that but it is one of the risks,” he said.   Radosavljevic warned that the level of debt was reached very quickly. “Taking into account some dubious investments and why some operators were overpaid three to five times, a future investor can say that the investments are not their problem and refuse to pay more than 500 million Euro,” he said.  

The portal recalled that opposition politician Marinika Tepic told reporters in August that Telekom paid businesman Igor Zezelj’s Wireless Media company 38 million Euro in 2018 under what she said was a fictitious contract while lawyer Vladimir Todoric said that there is reason to suspect that Zezelj used that money to buy the Adria Media Group which publishes the pro-regime tabloid Kurir.  

Telekom dealings are also a subject of interest for Anti-Corruption Council member Jelisaveta Vasilic who told N1 that she drafted an opinion on the dealings between Telekom and Wireless media, addding that Council Chairman Miroslav Milicevic did not call a meeting to discuss the contract.

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