KS Prosecutor's Office forwards BH-Gas case to state level

Almir Bečarević, former director of BH-Gas, recently filed a criminal complaint with the Cantonal Prosecutor's Office Sarajevo and the Office for Audit of Institutions in FBiH, all due to the creation of false BH-Gas balance sheets, writes the Patria news agency. However, as we have learned, the KS Prosecutor's Office has forwarded this complaint to the Prosecutor's Office of BiH.

The KS Prosecutor's Office forwarded this case to the state level because it concerns a loan for which the state of BiH is responsible.

Namely, as stated in the complaint, the management of BH-Gas falsified reports to conceal the loss incurred in 2014. This loss was offset by reclassifications in BH-Gas's balance sheets, i.e., by recognizing income from funds intended for loan repayment used for the construction of the Kladanj-Sarajevo gas pipeline.

Complaints were filed against Mirza Sendijarević, CEO of BH-Gas, Haris Hrnjičić, executive director of BH-Gas, and members of the BH-Gas Supervisory Board and Audit Committee.

As stated, the individuals prepared the balance sheet and income statement for 2014, and the Supervisory Board and Audit Committee gave their approval to these reports. These balance sheets contain untrue data about the financial result for 2014, and all the named individuals were warned via emails that BH-Gas would end the 2014 business year with a negative result and that only through reclassifications in the balance sheets could a positive result be achieved.

This result was achieved by reclassifying, i.e., recognizing as income (extraordinary income) interest with exchange rate differences for loans "B" and "C" and IDA loans, which amounted to KM 7,764,806 in 2012.  

Namely, the report states that "accrued interest in the previous period and in 2012 resulted in an increase in operating costs and a decrease in profit. As with the principal amounts of the loans, at the end of 2012, positive exchange rate differences were recorded on interest amounting to KM 145,768. Accrued interest with exchange rate differences for loans "B", "C", and IDA loans were recorded under short-term liabilities (deferred income) and as of 31.12.2012, amounted to KM 7,764,806 (which is KM 2,146,790 less than the previous year). 

The company calculated interest according to the original repayment plan of the creditors, according to which the interest rate was 5.79% per annum (six-month LIBOR plus half a percent) until 2011."

These funds relate to provisions for loans for the Kladanj-Sarajevo gas pipeline, which were taken over from the state of BiH in 1996 through loan agreements and transferred to FBiH. In fact, BH-Gas did not pay this obligation because a subsidiary agreement between BiH, FBiH, BH-Gas, and Sarajevogas was never concluded.

Negotiations on this loan assumption have been ongoing since 2000, when the loan from Sarajevogas was transferred to BH-Gas by the Asset Transfer Agreement (gas pipeline). The state has never, nor is there such a document, released BH-Gas from this loan, nor has it regulated the obligation that the state or FBiH pays.