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TT Business Intelligence Report Vol. 2, No. 43, 3 April 2003 Business Intelligence, Crime, Corruption and Debt in C&E/SE Europe and the FSU  UPCOMING CONFERENCES I.P.C.'S "NEW DEVELOPMENTS IN ANTI-MONEY LAUNDERING MEASURES AND SOLUTIONS" This event will take place on 29-30 April 2003 at the headquarters of Raiffeisen Zentralbank, Vienna, Austria. For further information, tel: +44 (0)20 7529 8902; fax: +44 (0)20 7387 4647; email: [email protected]; W: www.ipc-conferences/vienna "INVESTING IN AZERBAIJAN - GATEWAY TO THE NEWLY INDEPENDENT STATES" This event will take place on 7-9 May 2003 at the Hyatt Conference Center in Baku, Azerbaijan. For further information, please visit: www.invest-in-azerbaijan.com, or contact Dorit Sallis, tel: +41 1 249 3133; e-mail: [email protected] BOSNIA AND HERZEGOVINA BiH TO SELL ELECTRICITY WORTH E148mn TO CROATIA IN NEXT 6 YEARS BiH will sell electricity worth KM 290mn (EUR 148mn) to Croatia in the coming six years under a bilateral agreement on co-operation signed between BiH's Elektroprivreda and Croatian Electricity company (HEP) yesterday. Under the accords, BiH will supply electricity of about 5.22bn kWh - or about 25% of its annual power production - to its neighbour. (IntelliNews 02.iv.03) WARTIME AMBASSADOR ARRESTED New York police on 25 March arrested Bosnia’s former foreign minister and ambassador to the United Nations, Muhamed Sacirbegovic, on the basis of an international arrest warrant requested by Bosnian authorities. Sacirbegovic is charged with embezzling some $3.4 million from the Bosnian government and the Bosnian mission to the United Nations in New York. The 46-year-old Sacirbegovic was arrested in his New York home and is currently being held in New York. A U.S. court denied Sacirbegovic bail and is now considering his extradition to Bosnia, where he could face a minimum of three years in prison. Sacirbegovic holds dual U.S. and Bosnian citizenship and is known in the United States as Muhamed Sacirbey. The United States is under no obligation to extradite Sacirbegovic, since he holds U.S. citizenship. However, the U.S. attorney for the Southern District of New York is seeking to extradite Sacirbegovic in accordance with a treaty with Bosnia and will likely not file criminal charges against him in New York, Reuters reported. Prosecutors in the Bosnian capital of Sarajevo have accused Sacirbegovic of embezzling or misusing some $2.5 million from the Bosnian mission in 2000, during his second mandate as ambassador. They have also accused him of withdrawing $1.8 million that cannot be accounted for from a Bosnian government account. (TOL 31.iii.03) BULGARIA PRESSURE FOR RESIGNATION OF DEPUTY P.M. VASSILEV INCREASES The opposition parties and the labour unions confirmed they would insist for the resignation of deputy PM Nikolay Vassilev due to the failed negotiations on the sale of Bulgartabac tobacco holding and a number of conflicts surrounding the tender. The left-wing BSP would most likely file a request for a no-confidence vote against the government but party leaders are still mulling over motives related to Bulgartabac or the foreign policy of the government for support of military actions in Iraq. The right-wing UDF implied it would not back a request for a no-confidence motion. The party released a declaration asking PM Simeon Saxe-Coburg to define political responsibilities connected to the privatisation of the holding. It did not mention names of cabinet members but high-ranking officials of the UDF urged for the replacement of Vassilev. Two days ago, the BSP also urged for resignations of the ministers of foreign relations, European affairs, and energy. (IntelliNews 02.iv.03 CROATIA PROSPECTS OF ENTERING N.A.T.O. ARE GOOD IF CROATIA PERSISTS WITH REFORMS Croatia's prospects of entering NATO are very good if it persists with reforms, and other potential candidates will not slow it down on that road, Secretary-General Lord George Robertson said in Zagreb on Monday. He made the statement at a meeting with Zdravko Tomac, vice president of the Croatian parliament and chairman of its foreign affairs committee. Also present were members of the foreign affairs committee and the committee on internal affairs and national security. Robertson said Croatia's prospects were very good if "you keep up with challenges". He dismissed the possibility of Croatia becoming "hostage" to its neighbours, as suggested by Anto Djapic of the Croatian Party of Rights. As for 2006 as the year by which Croatia might be ready for full NATO membership, its secretary-general said it was an interesting date but that he "cannot specify the timetable". "You are not quite there yet." Stating that Croatia had made "impressive" progress over the past year, Robertson pointed to the need of resuming reforms and meeting international commitments, including co-operation with the UN war crimes tribunal at The Hague. As key requirements, Robertson mentioned the reform of the judiciary, combating crime and corruption, security of data secrecy, the reform of the armed forces, and refugee returns. Robertson stressed the need for regional co-operation, saying Croatia's role in it was crucial. He commended the assistance given Bosnia and Herzegovina and the settlement of the Prevlaka peninsula border issue with Serbia and Montenegro. (NewsBase 02.iv.03) CZECH REPUBLIC COMPENSATION FOR C.M.E. WILL BE BLOCKED UNTIL JUNE Finance Minister Bohuslav Sobotka (ÈSSD) signed yesterday an agreement with the representatives of American company CME, the former TV Nova investor, according to which the Czech Republic will transfer CZK 10.4 bln to a special bank account in Sweden. The money will be blocked until June when the Stockholm Appeal Court is expected to decide on an appeal lodged by the Czech Republic against a previous arbitration court ruling. If the court rejects the complaint, the Czech Republic will pay the compensation of CZK 10.4 bln to CME after the state failed to protect CME's investment in TV Nova. (PBJ 02.iv.03) STATE PRIVATISATION AGENCY CHOOSES WHITE & CASE FOR LEGAL ADVISOR ON UNIPETROL SALE The state privatisation agency FNM has chosen the law company White & Case as the legal advisor in the privatisation of petrochemical holding Unipetrol. The company won the tender in competition with five other bidders. The FNM officials commented that White & Case offered the best price meeting all set conditions. The criteria of the government for choosing a winner were the price, the knowledge of the Czech legal and economic environment, and experience with similar deals. FNM has also launched a tender for an investment adviser on the sale as the bids will be opened on April 18 and the winner announced within 90 days. The government is selling Unipetrol as a whole. The previous attempt to privatise the company failed after the successful bidder Agrofert Holding refused to pay the agreed price of EUR 361mn. (IntelliNews 02.iv.03) HUNGARY M.O.L. MAKES PUBLIC PURCHASE OFFER FOR OUTSTANDING SLOVNAFT SHARES Based on the announcement of the Slovakian financial watchdog UFT, Hungarian business daily Napi Gazdasag reported that the Hungarian oil and gas company made a public purchase offer for the remaining outstanding shares of the Slovakian oil company Slovnaft. The price offered was not disclosed. The Slovakian financial authority has 7 days to approve or disapprove the offer. Mol's stake in Slovnaft has reached 70.02% after a recent transaction, which has automatically forced it to launch a buyout of the remaining shares under Slovak law. (IntelliNews 02.iv.03) SHELL TO BUY TOTALFINAELF STATIONS IN HUNGARY The Royal/Dutch Shell Group announced that it has signed a contract with the TotalFinaElf group to purchase 70 filling stations in Hungary, 33 in the Czech Republic and 7 in France. TotalFinaElf will purchase 133 German petrol stations from Shell, to offset the deal. The transaction is pending approval from the competition office. When the deal is complete, Shell will have 200 filling stations in Hungary. (BBJ 02.iv.03) F.D.I. COULD PICK UP SLIGHTLY ACCORDING TO GOVERNMENT SOURCES Starting in the second half of the year, foreign direct investment in Hungary could pick up slightly, economy and transport minister Istvan Csillag told reporters after visiting the headquarters of Ericsson Hungary. The minister noted that certain CEE states, such as Hungary, have become an attractive target for investment by medium-sized western European firms. From the second half of the year, the recession in the world economy is expected to abate, and political risks will also be reduced with the end of the Iraqi conflict. With accession to the EU, the institutional risks in Hungary will also decrease, while the political uncertainty that characterised the 2002 election year are no longer present, he added. Csillag pointed out that the government would like to encourage multi-national firms to follow Ericsson's example in forging stronger ties between companies and universities in long-term R&D co-operation. The government will provide support to universities in this regard, he added. (NewsBase 27.iii.03) KAZAKHSTAN SUSPECT IN BRIBING KAZAKH AUTHORITIES ARRESTED IN U.S. Businessman James Giffen, accused of paying more than USD 20mn in bribes to Kazakh high ranked officials while rendering consulting services during the distribution of major oil contracts has been arrested in US, Reuters reported. On Monday he was released on a USD 10mn bail. Giffen is suspected of bribing 2 undisclosed Kazakh officials from his consultancy remuneration after US Mobil Oil’s purchase of a share of the Tengiz deposit exploration project for USD 1.05bn. Exxon acquired Mobil in 1999 to merge as Exxon Mobil Corp. Giffen, who runs a private merchant bank Mercator Corp based in New York, has been consulting ex-USSR and Kazakhstan officials for many years. According to financial statements, Mercator Corp received USD 67mn in commission from Kazakhstan in 1994-2000. Giffen’s lawyer commented that the charges are based on circumstantial evidence and will be rejected. (IntelliNews 02.iv.03) KAZAKH PRESIDENT ASSESSES PRESS FREEDOM Speaking to the first session of the Public Council on the Mass Media on 31 March, Nursultan Nazarbaev warned that freedom of speech does not mean a lack of control, or convey the right to damage reputations, or free the media from their responsibility to society, khabar.kz reported. Listing Kazakhstan's achievements in guaranteeing freedom of speech, Nazarbaev included the recent law on the mass media, the abolition of censorship and of the state monopoly in the media, tax breaks for broadcast and print media, and the distribution of government procurement orders to both state and private media. The president asserted that 80 percent of Kazakhstan's mass media are independent and asked that the media work in partnership with government officials. He expressed the hope that disputes between state and media can be dealt with in a civilized way. The country's independent journalists would likely disagree with much, if not all, of Nazarbaev's assessment, seeing it as justification for restrictive government policies and the harassment of critical journalists. The council was set up in December, and it comprises government officials, representatives of the mass media, and parliamentarians. (RFE/RL 01.iv.03) KAZAKH FOREIGN MINISTRY SEES INCREASED U.S. INTEREST IN KAZAKH OIL Kazakhstan's Foreign Ministry says that U.S. government and business circles are expressing interest in expanding their participation in Kazakh energy projects, the Kazakhstan Today news agency reported on 27 March. The ministry attributes the increased interest to the situation in the Middle East. U.S. Undersecretary of Energy Robert Card, who is expected to visit Kazakhstan's oil-producing regions soon, was quoted as telling Kazakh Ambassador to the United States Kanat Saudabaev that U.S. business is very interested in expanding its role in Kazakhstan. The Foreign Ministry also quoted a statement made by U.S. Senator Conrad Burns (Republican-Montana) on 19 March in which he called on the United States to focus its attention on the proven oil reserves of the Caspian Sea region. (RFE/RL 28.iii.03) LATVIA PREMIER, E.U. COMMISSIONER DISCUSS OIL TRANSIT EU Enlargement Commissioner Guenter Verheugen assured Latvia's Prime Minister Repse in Brussels on 21 March that the European Commission will discuss with Russia the issue of oil transit through the Latvian port of Ventspils, LETA reported. The Russian state-owned oil-pipeline operator Transneft halted all oil shipments to the port in the first quarter of the year, according to Interfax on 21 March, and will probably decide on 25 March not to send any oil to Ventspils in the second quarter as well. Verheugen expressed satisfaction with Latvia's preparation for EU membership and said he sees no reason why the accession agreement with the EU should not be signed on 14 April, LETA reported. He particularly praised the progress Latvia is making in fighting corruption. The officials also discussed the Iraq war. (RFE/RL 31.iii.03) POLAND P.Z.U. SUPERVISORY BOARD TO EVALUATE H.S.B.C. SHARE DEAL Today the supervisory board of the country's largest insurer PZU is to evaluate a contract, revealed a few days ago by Dow Jones Newswires, for HSBC to buy minority stakes in the company, including the stake currently held by Eureko. This would mean that the contract would interfere with the Treasury Ministry's remit. According to Rzeczpospolita sources, it is even possible that PZU President Zdzislaw Montkiewicz would be replaced, most likely by Cezary Stypulkowski, currently running Bank Handlowy. According to the company’s statute the Treasury Ministry, rather than the board, has the power to remove him. "I have not found any indication in the d ocuments provided as to which minority stakeholders the shares would be bought from. Minority shares are held not only by employees, but also by the Eureko-Millenium consortium," said an anonymous supervisory board member. (WBJ 02.iv.03) POLAND MUST FIND E40bn ($43.5bn) TO MEET STRICT E.U. ENVIRONMENTAL TARGETS According to the terms of its accession treaty Poland must find 40 billion euros through to 2015 to meet the strict environmental targets on waste water management set by the EU. Yet without significant aid from the EU, Poland will not manage to adjust to environmental requirements set by the EU15, Environment Minister Czeslaw Sleziak said. The details were given at a conference "Environment Protection and European Integration" held in Warsaw on Saturday. According to Sleziak, Poland can only expect between 2 and 2.5 billion euros from EU funds for improvements to the environmental infrastructure between 2004 and 2006. Sleziak believes that Polish entrepreneurs and society are not able to bear the expenses on their own and he expects meaningful support from Brussels. Among the hardest tasks for the Polish authorities is the implementation of EU law on waste water management, improving quality of surface waters intended for the abstraction of drinking water and waste collection services to cover 95% of Poland's population. The sum of 40 billion euros is roughly equal to the Polish public annual budget. (NewsBase 02.iv.03) MOST POLES SEE ECOMOMIC SITUATION AS BAD In March, some 72% of respondents estimated Poland’s economic situation as bad (9pps up from February), in a survey by the market research institute Pentor. As many as 3% of those surveyed regard the economic situation as good, and 24% as neutral (down 8pps). About 17% (down from 22%) of the respondents expect the country’s economy to improve and 40% (1pp down) believe it will deteriorate. The economic sentiment indicator (PESK) dropped by 7.1pps to minus 49.3 in March (PESK may range between plus 100pts and minus 100pts). Another poll, by OBOP, showed that as many as 75% of respondents were critical of the government (5pps up from the previous month) and only 17% were of a positive opinion; 62% believe PM Miller is not fulfilling his duties well (6pps up), while 26% are positive about his actions. On the other hand, Poles continue to like President Kwasniewski: 73% said they were satisfied with his performance, and 17% are of the opposite opinion (down from 19% in February). (IntelliNews 01.iv.03) ROMANIA GOVERNMENT PLANS TO SELL 51% IN CRUDE OIL COMPANY PETROM Romania's government plans to sell 51% in the state-run crude oil company Petrom to a strategic investor able to present a solid investment programme, Industry Minister Dan Ioan Popescu has said. Popescu presented to the government members the Petrom sell off strategy and "to do" measures in the coming period. He also said the Petrom employees would also be allowed to buy a total 10% stake in the company. The government is to approve the sell off strategy by the end of May, followed by the launching of an international tender by end of June. A 5% stake is possible to be acquired by the European Bank for Reconstruction and Development, former Petrom general manager Ioan Popa said. Popa is now Prime Minister Adrian Nastase's personal adviser. Governmental sources said British group BP and Russian giant LukOil would submit bids for Petrom's 51% stake following the launching of the official privatisation announcement in late June. Petrom reported a gross profit of $101.2 million last year on a turnover of $2.4 billion. (NewsBase 02.iv.03) RUSSIA I.M.F. SOURS ON RUSSIA, PRAISES BALTICS The International Monetary Fund is lowering its growth forecasts for Russia since "vested interests" are slowing reforms and global economic trends are due to take a toll, a senior IMF official said Tuesday. "We think the growth rate will decline, apart from problems of the world economy, unless there is a big political push to speed up structural reforms," said John Odling-Smee, who oversees IMF activities in former Soviet Union countries. "Most observers think this probably will not happen between now and the end of the election season," Odling-Smee said in Vilnius on the eve of a visit to Moscow, referring to general elections in December and a presidential ballot next March. He said the latest IMF forecast that Russian gross domestic product would grow 4.9 percent in 2003 was "definitely too high" and would be revised. "Most observers in Russia now talk about 4 percent and we would not disagree with that, even if oil prices are high." Russia, the world's second-largest crude exporter, is targeting 4.5 percent growth this year, up from 4.3 percent in 2002. Odling-Smee urged Moscow to tackle four areas of reform that were "being blocked by a lot of vested interests, but are critical for moving toward a more market-oriented economy." Those included improving public administration, raising prices for energy and other natural monopolies to a proper market level, overhauling the banking sector and reducing import protection with an eye to joining the World Trade Organization. Odling-Smee said the small ex-Soviet country and its two Baltic neighbors Latvia and Estonia were examples of how to achieve sustainable rapid growth even in a global downturn. The three Baltic states, which are set to join the European Union in 2004, all reported annual GDP growth of 5 percent to 7 percent for 2001 and 2002. (The Moscow Times 02.iv.03) DEFENSE MINISTER COMMENTS ON MILITARY OPERATION IN IRAQ Sergei Ivanov said in an interview posted on the website of "Komsomolskaya pravda" (http://www.kp.ru) on 31 March that the Russian military is carefully tracking the U.S.-led military operation in Iraq bearing in mind its own responsibility to defend the largest country in the world. Ivanov said that the operation is not proceeding "without mishaps and miscalculations," and that Iraq has successfully challenged the coalition both militarily and in terms of propaganda. However, developments do not depend on Iraq, but on U.S. decisions, Ivanov said. For instance, if U.S. planners resorted to carpet bombing, Iraq would be unable to resist for long, Ivanov said. The political cost of such a decision for the United States would be enormous, he added. If, on the other hand, the United States continues to use tactics designed to minimize casualties and avoid major engagements, the operation could be problematic, since "Iraq still has a formidable army that has not yet begun to fight," Ivanov said. He added that coalition commanders do not need to take major cities such as al-Basrah. "The goal is to get [Iraqi President Saddam] Hussein," Ivanov said. Ivanov said it is possible that the Soviet Union supplied Iraq with 200 Grad multiple rocket launchers in the 1980s, but emphasized that Russia has scrupulously observed all international sanctions against Iraq and that Russia's presence in the country "has been minimal" over the last decade. "Purely hypothetically, it can be supposed that some of those weapons, probably, still exist," Ivanov said. "These weapons do not fall under any bans." (RFE/RL 01.iv.03) U.S. REJECTS $3bln SUIT AGAINST RUSAL A New York court has thrown out a $3 billion racketeering and corruption suit against metals tycoon Oleg Deripaska and his company Russian Aluminum, a RusAl lawyer said Monday. The judge hearing the case ruled that Russia, not the United States, was the proper forum for the dispute. Konstantin Remchukov, chairman of the advisory board of Base Element, Deripaska's holding company, trumpeted the decision, telling reporters in Moscow that it was not only a vote of confidence in RusAl, but also in Russia's judicial system, which is an "adequate forum" for resolving business disputes. The plaintiffs, however, including Deripaska rival Mikhail Zhivilo's company Mikom and offshore metal-trading firms Base Metal Trading and Alucoal Holdings, consider the ruling "clearly wrong" and will appeal within 30 days, Bruce Marks, Zhivilo's lawyer, said by telephone from Philadelphia. In 2000, Zhivilo and others filed a claim against Deripaska, RusAl and more than a dozen other companies and businessmen under the U.S. Racketeering-Influenced and Corrupt Organizations Act, or RICO. In the claim, Deripaska is accused of fraud, money laundering, extortion and complicity to murder. Zhivilo, the former director and major shareholder in Novokuznetsk aluminum factory, or NKAZ, was seeking $900 million in losses from the "illegal bankruptcy of NKAZ," which resulted in RusAl's acquisition of the factory, and $100 million from the takeover, "through pure physical force, bribery and extortion," of the Kachkanar vanadium-mining complex, or GOK. (The Moscow Times 01.iv.03) PUTIN SAYS IRAQ CRISIS MOST SERIOUS CONFLICT SINCE END OF COLD WAR Speaking at a gathering of Duma-faction heads in the Kremlin on 28 March, President Vladimir Putin said the crisis in Iraq has developed into the most serious global conflict since the end of the Cold War and that it has shaken the foundations of global stability and international law, the presidential website(http://www.president.kremlin.ru) reported. The crisis has already developed beyond being merely a local conflict and has taken on a protracted and intractable nature, Putin added. He said that although Russia has economic interests in the conflict, its political position is not determined by those interests or by potential economic benefits. He repeated Moscow's insistence that military operations be halted immediately and the responsibility for seeking a solution to the crisis returned to the UN Security Council. He emphasized that Russia is ready for "constructive cooperation with all parties involved in the conflict, including, of course, the United States." He stressed that relations between Russia and the United States have reached a level that would permit a "frank dialogue" on Iraq. (RFE/RL 31.iii.03) RUSSIA CREATES OWN FINANCIAL BLACKLIST Just five months after being removed from an international blacklist of non-cooperative countries in the global fight against terrorism and money laundering, Russia has decided to create its own catalogue of countries considered to be engaged in inappropriate financial activities. Prime Minister Mikhail Kasyanov on Friday ordered the Financial Monitoring Committee to draw up Russia's own blacklist based on recommendations from the Foreign Ministry, Federal Security Service and the Foreign Intelligence Service. The companies and individuals that are located in the listed countries, or those that have bank accounts in them, will face close scrutiny from the committee, Kasyanov said. Committee spokeswoman Natalya Konovalova said she doubted the committee's blacklist will be much different from the current list created by the Financial Action Task Force, an arm of the Organization for Economic Cooperation and Development working to fight money laundering. Russia was removed from the FATF blacklist after much negotiation last October. The committee's list is likely to be compiled by the end of April, Konovalova said. There are currently 10 countries and territories on the FATF's blacklist: the Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, St. Vincent and the Grenadines, Philippines and Ukraine. Konovalova said that Russia's own blacklist will not exceed that of FATF and could, in fact, be shorter due to the exclusion of Ukraine. "It is on the way out anyway," she said. The Financial Monitoring Committee, a government watchdog set up to chase dirty money, became operational in February 2002. The committee has nearly unlimited access to financial activities throughout the country. According to Russia's law on preventing money laundering, the committee receives information about all registered transactions of more than 600,000 rubles ($19,120). (The Moscow Times 31.iii.03) RUSSIAN POLITICIANS PONDER IRAQI CAMPAIGN The Iraqi war will be prolonged and will last at least several months, including the initial military phase followed by a partisan-warfare period of pacification, Council for Foreign and Defense Policy Chairman Sergei Karaganov said on ORT on 30 March. Russia should use this time to review its positions on many international issues, since some of them might change as a result of the conflict, Karaganov urged. One possible consequence of the Iraq war might be progress in the Arab-Israeli conflict, as the United States will likely give more support to the idea of creating an independent Palestinian state in order to counterbalance the effect of the Iraq war in the Arab world, Karaganov said. On the same ORT program, Deputy Duma Speaker Vladimir Lukin (Yabloko) said, "This war is not Russia's war, and Russia must distance itself from it, including from the issue of the postwar political order in Iraq." It is in Russia's interests, however, if the war "is long and problematic for those who unleashed it." Lukin said this might beget another "Vietnam syndrome" in the United States and "prevent it from launching further wars." (RFE/RL 31.iii.03) U.S. AMBASSADOR DENIES U.S. COVETS IRAQI OIL The United States cannot guarantee a role for Russian oil companies in postwar Iraq, Interfax quoted U.S. Ambassador to Russia Alexander Vershbow as saying on 27 March. Vershbow said that the future government of Iraq, which is yet to be formed, will make decisions about such matters. He emphasized that Iraq's oil wealth is an important tool for that country's reconstruction and development and that the United States has no intention of establishing control over Iraq's oil resources, which should be used for the benefit of the Iraqi people. (RFE/RL 28.iii.03) BEREZOVSKY ARRESTED IN LONDON Former Kremlin insider Boris Berezovsky was arrested in London on 25 March at the request of Russian law enforcers, who have charged him with a $1.9 billion fraud. The tycoon, who has been living in Britain for almost three years since he fell out with Putin and was forced to leave Russia fearing prosecution, was arrested along with Yuly Dubov, co-director and former chief executive of the LogoVAZ car company which was set up by Berezovsky in the early 1990s. "The charge alleges that between 1 January 1994 and 31 December 1995, they defrauded the administration of the Samara region of 60 billion roubles ($1.9 billion) whilst directors of Logovaz," London police said in a statement. Both men have been released on bail and will appear at Bow Street Magistrates Court in London on 2 April to face extradition proceedings. Russian authorities issued an extradition request for Berezovsky in November last year, after starting criminal proceedings against him and his business associates two months earlier. (TOL 26.iii.03) SERBIA AND MONTENEGRO P.M. ZIVKOVIC: CRACKDOWN ON ORGANISED CRIME ALMOST COMPLETED Serbian PM Zoran Zivkovic said that the government’s crackdown on organised crime in Serbia was almost completed, adding that Serbia would get a facelift afterwards. "Now we can say that the group of criminals that organised the murder of Zoran Djindjic no longer exists," said Zivkovic. Several individuals have not been arrested but they too will be behind bars soon and the government will be able to declare that crime has been defeated in Serbia, he said. (IntelliNews 31.iii.03) SERBIAN POLICE SHOOT AND KILL ZEMUN CLAN LEADERS Serbian police shot and killed Zemun clan leaders Dusan "Siptar" Spasojevic and Mile "Kum" Lukovic as they resisted arrest late last night. The two leaders of the clan, accused of being behind the assassination of Serbian Prime Minister Zoran Djindjic, opened fire at police from M70 assault rifles, compelling police to use armed force. The two were also carrying hand grenades. The Serbian Interior Ministry said that there were no casualties among members of the special antiterrorist police units. Earlier yesterday, police located part of the clan in the Belgrade municipality of Barajevo where they had been hiding for the last several days. Zemun clan ringleader Milorad "Legija" Lukovic remains at large. Also yesterday, police arrested Belgrade Municipal Court judge Zivota Djoincevic on charges he took bribes in exchange for releasing suspects from custody, illegally reduced sentences, and had close connections with the Zemun clan. Police searched Djoincevic's apartment, seizing large quantities of weapons and ammunition. (NewsBase 28.iii.03) SLOVAKIA E.I.B LENDS EUR 50mln TO SUPPORT SLOVAK S.M.E.s The European Investment Bank said it was lending EUR 50mn to HVB Bank Slovakia. The EIB, along with the European Commission and HVB Bank Slovakia, is co-operating to support small and medium-sized businesses (SMEs) in Slovakia in the framework of the SME Finance Facility - a special scheme promoted by the European Commission under the Phare Programme. Under this agreement, up to EUR 10mn from a EUR 50mn EIB global loan granted to HVB Slovakia will be channelled to selected businesses for financing industrial, environmental, energy, infrastructure, tourism, health, education and service projects. The European Commission is supporting the scheme with financial incentives in the hope to facilitate the financing of SMEs and to improve their competitiveness. The EUR 50mn global loan signed Friday brings total EIB lending in Slovakia since 1993 to some EUR 1.4bn. (IntelliNews 31.iii.03) UKRAINE KUCHMA COMMENTS ON ODESSA-BRODY OIL PIPELINE It is important to link the Odessa-Brody oil pipeline with Gdansk, Poland, Ukrainian President Leonid Kuchma has said. "We should settle the issue of linking the oil pipeline with Gdansk as soon as possible, "Kuchma told a news conference in Kiev on Wednesday. Poland has been reiterating its interest in completing the pipeline, while making "no real moves", Kuchma said. He is still considering the proposal from oil companies to pump Russian oil in the opposite direction from Brody to Odessa, he added. In particular, Kuchma mentioned the Russian-British TNK company, a 50% stake in which belongs to British Petroleum. Answering a question from journalists, Kuchma said that it would not be appropriate to pump oil from Iraq or the Gulf through the pipeline. 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