The authorities of Republika Srpska (RS) through Elektroprivreda RS (ERS) are buying the failed projects of Russian oligarch Rasid Sardarov. After taking over the company that has concessions for the construction of hydro and thermal power plants, they are also buying his hotel in Rudo, which has not been working since 2019.
Russian billionaire Rasid Sardarov, as a significant investor, received Bosnian and Herzegovinian (BiH) citizenship in 2011, by the decision of the Council of Ministers. He is the owner of the oil company “South-Ural industrial company”, whose value is more than two billion dollars. His name is also mentioned in the Panama Papers, documents that reveal how the rich launder money through “tax havens”. He invests in energy sources and is the owner of the company “Comsar Energy Group” from Cyprus, within which four companies operate in BiH.
One of Sardarov’s biggest investments was supposed to be in Ugljevik in BiH. An investment of over 500 million euros was announced. In question was the construction of Block 3 of the Ugljevik Thermal Power Plant, which was supposed to produce more than 50 percent of the electricity that is currently produced within the system of the entity’s electricity industry.
The Government of RS gave Sardarov a concession for the construction and operation of the thermal power plant and the exploitation of the nearby coal mine back in 2013, but nothing has been done on this project since then.
In Rudo in BiH, there was another one of Sardarov’s investments. The Hotel in Rudo was opened in 2014 by Sardarov and Milorad Dodik, who also served as the entity’s president at the time. The hotel was supposed to serve as accommodation for hydropower plant workers, as accommodation for business partners of Sardarov, and for accommodation for visitors to the municipality of Rudo. On the same day, the foundation stone for the “Mrsovo” hydropower plant was laid on the river Lim. Sardarov had a concession for it, but the construction never continued.
Five years later, the hotel was closed because it was unprofitable due to the never-begun construction of the Mrsovo hydropower plant. The hotel has not been operating positively since 2017.
All these projects were bought by the Government of RS for a still unknown amount. The Government also took over all his companies. Since there were no investments, we asked the Council of Ministers and the Ministry of Civil Affairs whether the Russian oligarch would be deprived of his BiH citizenship.
The Ministry of Civil Affairs pointed out that citizenship can only be revoked in accordance with the law if a person obtained it by fraud, false information, or hiding relevant facts. Also, in cases where he has been convicted of criminal acts or activities that may call into question the constitutional order of BiH and violate the vital interests of the state.
Saradarov was granted BiH citizenship at his personal request, with the recommendation of the government of the RS, which stated at the time that he was “a person of particular use to BiH”. The legal requirements for businessmen like Sardarov are to invest a “significant amount” of money or hire a “significant number of workers”.
The Ministry of Civil Affairs has so far conducted three revisions of citizenships granted to foreigners. The last one was in 2015, for which there is no data, and in the previous two, 1.200 citizenships were revoked from persons who obtained them by fraud, false information, or by hiding relevant facts, Slobodna Evropa reports.
E.Dz.
