Conflict of Interest at Igman Konjic: Loan to Nikšić's Private Company CTK, but No Business Without Grabovica

By Amina Čorbo-Zećo

The news that the Ahmetlić family has decided to sell their stake in the company “Igman” Konjic has stirred up the defense industry in Bosnia and Herzegovina. This concerns a stake of about 30 percent of Igman’s shares, the largest company operating within the defense industry of the Federation of BiH.

Muharem Ahmetlić is selling a 24.71 percent stake, or 143,077 shares, at a price of 200 KM, totaling 28,615,400 KM, and Ahmed Ahmetlić is selling a 5.18 percent stake, or 30,020 shares, also at 200 KM, totaling 6,004,000 KM.
Thus, the combined stake is worth 34.6 million marks. The Ahmetlić family acquired their stake by purchasing shares over the past few years.

The Ahmetlić family are currently the second-largest shareholders of Igman, with only the Federation of BiH, which owns 51 percent, above them.

Nermin Nikšić heads the Federation, and he was born in Konjic. However, besides his origin, business ties also connect Nikšić's family with Igman Konjic. According to Igman Konjic's auditors, the company lent money to CTK, owned by the Nikšić family.



The Audit Office of Institutions in FBiH determined that Igman Konjic's financial lease receivables are stated at 2,400,000 KM and include a loan to CTK in the amount of 20,000 KM.



“All loans were granted based on signed agreements for 12 months and without interest. The loans were interest-free, and the Company regularly assesses collectibility, and all receivables older than 365 days have been sued and written off as expenses,” the auditors stated.

Although everything is legal according to the audit, the mere fact that Igman lent money to CTK, owned by Nermin's son and brother, raises concerns among all those involved in business in this industry, as it can appear that private interests are intertwined with business decisions.

And where Nikšić is, Elvedin Grabovica is also present. His company Meganet was also one of the founders of CTK, but withdrew from the company in 2020.



Therefore, this is a classic conflict of interest, considering that the majority owner of Igman Konjic is the Federation of BiH, headed by Nermin Nikšić, while one of the founders of CTK is Mirsad Nikšić, Nermin Nikšić's brother. The company's director is Haris Nikšić, Nermin Nikšić's son, and the authorized signatory is Rijad Hasić.

Let us remind you that the defense industry of the Federation of BiH is undergoing significant expansion. Igman had total revenues of over 89 million KM in the first half of last year.