Disregard for the Law Opened the Door to Crime: Serious Doubts That BiH is Being Robbed Through Bobar Banka

There is no doubt that Bobar Banka has been definitively destroyed and its closure is inevitable after all bankruptcy and depositor payout procedures. Banka Srpske will certainly follow in its footsteps, and given the domino effect, Pavlović Banka will likely have to take serious steps to save itself, as depositors have massively withdrawn money from their accounts.

After Patria reported that the debt of Bobar Banka and Banka Srpske would exceed 140 million marks, a banking expert, who wished to remain anonymous, reacted, warning of illegal behavior and thus a great robbery that is currently taking place before the eyes of alleged Bosnian economic experts. In essence, they are silent observers who, according to our source, will sell this country for their positions or even cheaper.

All Money Taken Only from the State

If there was no misinterpretation of the response by the journalist, says the source, then a large robbery of state money is underway.

The Director of the Deposit Insurance Agency, Josip Nevjestić, told a Patria journalist at the time: "The total value of insured deposits in Bobar Banka a.d. in liquidation amounted to 86,829.6 million KM. As of January 23, 2016, 98.14% or 85,251.2 million KM has been paid out."

When asked by a Patria journalist "how much funds were allocated from the Fund of the Deposit Insurance Agency of BiH for this remediation procedure," Director Nevjestić replied:

- All funds were allocated from the Fund of the DIA of BiH.

Our source warns that such a response is an admission of serious illegality and refers to Article 12.2.3, which states that priority is given to proportional payment from available funds in the bank. The article further states:

"...After the temporary administrator pays out all eligible deposits, in whole or on a proportional basis limited only to the available funds in the bank, any shortfall in the payment of insured deposits shall be compensated by the Fund," according to the Law on the Deposit Insurance Agency.

Therefore, all money to private depositors was paid from the state Fund of the Deposit Insurance Agency. This should not have happened. Bobar Banka had to have its own funds in its accounts, which was claimed in the media, except when talking about the 10 mysteriously disappeared millions from its accounts. That robbery was never discovered either, everything was hushed up.

Whether this will be the end of the theft of money from Bosnia and Herzegovina depends on the silent Bosniak figures in the state's financial institutions.

According to Article 11, "the Fund's assets also include assets realized from collection based on subrogation from the liquidation and bankruptcy estate of the bank." The term subrogation implies the substitution of one person in a legal relationship by another person, so that the latter acquires the same rights and obligations that the person whose legal position they have entered had.

In the legal transaction of insurance, the term subrogation denotes the insurer's right to step into the insured's legal position regarding the damage for which compensation has been paid, upon payment of compensation for the damage. This right is called the insurer's right of subrogation.

Illegality Will Continue

Therefore, the Fund, in some future status, should be the first creditor to be reimbursed from the sale of Bobar Banka's assets, and it will not be if it continues with such political games. The source states with disappointment: "If this government agrees to everything, it is unclear why the powerful banks here, which are indirectly harmed by this, would agree to that option. For years, they have paid insurance premiums into the Fund and covered the losses of politically unscrupulously destroyed banks in Republika Srpska."

This arrogant pandering to the authorities who have practically destroyed banks in Republika Srpska will likely lead to the last shameful move of not allowing the Fund to collect from what remains of the failed assets of Bobar Banka and likely Banka Srpske. The question is, what will be left after all this?

Our source claims that this makes everything uncertain, including the collection of funds that the state has invested to save the financial stability of Republika Srpska. So, what has been collected from Bobar Banka's accounts? No one can believe that Bobar Banka's accounts were left completely empty. Has the top political leadership of Republika Srpska also interfered there? Is this country on the verge of the worst possible scenario of robbery that could have been imagined? Or will this issue also go into the void created by the Bosniak political elite of silent observers?