Director or Foundation: Due to Jakic, all projects of ODRAZ blocked!

Unofficial source tells us that personnel of ODRAZ Foundation haven't received their salaries yet and that the Foundation is about to be closed.

Revolving fund of ODRAZ worth 60 million KM has been blocked too. That fund was to be distributed through loans for many local companies. It is the money Foundation has earned by implementing numerous projects.

Foundation for Sustainable Development (ODRAZ) has been an important foundation of Government of FBiH for the implementation of development and other programs and projects in FBiH since 2001.

Programs implemented by ODRAZ have been funded by loans and grants given by international organizations such as the World Bank, IBRD, and EU as well as from local funding sources such as federal, cantonal and municipal budgets.

From 2001 through 2013 the World Bank evaluated ODRAZ as one of the most successful foundations of this kind in Southeast Europe. Foundation managed projects worth over 100 million KM.

Credibility of ODRAZ is now seriously jeopardized. Our source reveals that the existing Director of ODRAZ Vinko Jakic is responsible for the breakdown. He was ousted back in 2014, however, the Governing Board that met in secrecy, brought him back to the top position.

Due to previous financial affairs of the controversial Jakic, and many of those are being investigated as we speak by the Cantonal Prosecutor's Office in Sarajevo, Foundation has lost the trust of the World Bank and other international institutions.

Most of the projects implemented by ODRAZ are now halted. Yet, it is only Jakic who does not suffer the consequences of the turmoil. Apparently, he has been authorizing salaries for - himself. His monthly salary is well over 5,000 KM.

Our source further reveals that the Governing Board of ODRAZ (consisted of 7 ministers from the federal government) that is scheduled to meet during the week, will either dismiss Jakic or will close ODRAZ for good and register a new foundation.

- It is rather clear that ODRAZ run by Jakic cannot survive, says our source.

Patria will soon publish all criminal charges against Vinko Jakic, including malversations that got him a director's position in ODRAZ. We will also reveal why Federal Ministry of Justice did not want to approve Jakic as the person responsible in the court registry.