What connects the building on Skenderpašina Street and the director of the Banking Agency

Fokus brings information about the connection between a series of companies at Skenderpašina 33 and the wife of the director of the Banking Agency (FBA), Jasmin Mahmuzić. In the same building are companies that have won tenders from the FBA.

Fokus's investigative article about two companies at the same address in Sarajevo that, at different times, won tenders from the Banking Agency of FBiH (FBA), and share the same director, has caused numerous reactions and revealed new information about the connections among various actors in this story.

Therefore, we have decided to investigate this entire case in more detail. At the center of this story is the residential-commercial building at 33 Skenderpašina Street, in the heart of Sarajevo.

Procurement Review Body Decision

To remind, the companies “Herman and Partners” and “Pristop BH” were established in Slovenia. Their director is Adi Korić, and both are located at 33 Skenderpašina Street in Sarajevo. As we reported, the Procurement Review Body of BiH issued a decision on May 10th that annulled the unlawful decision of the FBiH Banking Agency regarding the selection of the most favorable bidder for public relations and crisis communication services. Following the publication of the article on Fokus and the Procurement Review Body decision, the Banking Agency officially annulled this public procurement procedure on June 13th.

However, according to official information we obtained, this is just the tip of the iceberg concerning the interconnections among various actors, including the director Jasmin Mahmuzić himself.

Namely, at the same address, 33 Skenderpašina Street, there is also the company “Tekton” d.o.o. Sarajevo. According to data from the Business Entities Register, the founders of this company are Tarik Balta and Amra Mahmuzić, who is the wife of Jasmin Mahmuzić, the current director of the Banking Agency of FBiH. The same ownership information about “Tekton” is provided by the credit rating agency “Dun & Bradstreet.”

This company was established on December 8, 2014, and according to the register, Tarik Balta and Amra Mahmuzić became owners of this company on May 18, 2020. According to data from “Dun & Bradstreet,” the total assets of this company amounted to 12.490 KM in 2021, and in 2023, it skyrocketed to 1.215.310 KM. However, last year, this company had no net profit, and its revenues decreased by more than 132.000 KM compared to the previous year.

Who is the investor?

Our portal received information from multiple sources that Amra Mahmuzić's apartment is also located in the same building, at 33 Skenderpašina Street. We found this address for Amra Mahmuzić in the Business Entities Register as well.

Additionally, in the same building, there is the company “CD Concept.” According to the Akte register, “CD Concept” is owned by the company “Tekton” (which is owned by Balta and Mahmuzić). The “Dun & Bradstreet” register indicates that Tarik Balta is the director of this company. This company was established on February 9, 2022, with an initial capital of 1.201.095 KM.

According to the “Dun & Bradstreet” credit rating agency, the total capital in 2022 was only 721 KM, but it mysteriously increased to almost 1.2 million KM in 2023.

Regarding Balta, according to “Dun & Bradstreet,” he is still listed as the director of the company “Panorama Sole,” which is the investor of the building at 33 Skenderpašina Street. However, according to the Akta register, Balta is listed as the former director of this company.

The contact phone number and email address listed in several registers and on social media profiles are not functional, so we could not further verify this information.

Nevertheless, documents from previous years, including a certificate from the Ministry of Spatial Planning of KS for the mentioned building, indicate that Balta is associated with the building at 33 Skenderpašina Street as an investor. Tarik Balta and “Panorama Sole” are specifically listed as investors. On its Facebook page, “Panorama Sole” posted photos of the building during its construction. Incidentally, the headquarters of this company is also at 33 Skenderpašina Street.

Companies in Croatia

Amra Mahmuzić and Tarik Balta are also the founders of the company “Concept Investment” based in Trpanj (Croatia). On the website of the Court Register of the Republic of Croatia, we found extensive information about this company, which is stated to be engaged in real estate business. The company's initial capital is 2.640 euros, and the articles of association were signed between November 17th 2022, and April 25 last year.

Interestingly, in the Court Register of the Republic of Croatia, both Mahmuzić and Balta are listed with their residence addresses in the building at 33 Skenderpašina Street in Sarajevo! According to financial reports, which can also be found in the Court Register of the Republic of Croatia, “Concept Investment” made a loss of 2.216 euros in 2023. Consequently, on February 29th of this year, Balta signed a decision on the allocation of the loss for the business year 2023.

In the notes of the balance sheet for 2023, it is highlighted that 547.960 euros were invested in the mentioned property in Trpanj. The notes of the balance sheet, as visible, were signed by both Balta and Amra Mahmuzić.

However, this is not Balta's only company in Croatia. The mentioned court register reveals that he, together with Goran Brašnić from Rijeka, is a co-founder of the company “Promajna Projekt” based in Rijeka. The initial capital of this company, whose activity is the construction of residential and non-residential buildings, is 2.500 euros.

In the absence of contact details for Balta and Amra Mahmuzić, Fokus wrote to the official email address of the company “Concept Investment,” owned by Balta and Mahmuzić. We also wrote to the address of the company “Panorama Sole” to obtain a statement from Balta, as well as to the address of the company “Promajna Projekt,” of which he is also a co-owner. However, we did not receive any responses by the time this article was concluded. If we receive any responses, we will publish them subsequently.

Among other things, we asked Balta about his relationship with the director of the FBiH Banking Agency, Jasmin Mahmuzić, given the ownership connections in several companies with his wife, and whether the information about employing relatives at the FBiH Banking Agency is accurate. Additionally, we asked for a comment on the information that the events in the building at 33 Skenderpašina Street were of interest to the State Investigation and Protection Agency (SIPA). On the other hand, SIPA informed Fokus that they could not disclose information about operational-investigative data.

Response from Jasmin Mahmuzić

We posed similar questions to the director of the FBiH Banking Agency, Jasmin Mahmuzić. He responded:

“I emphasize that the information you mention regarding the business entities in which my wife holds ownership stakes is accurate and is publicly available in public business registers and online. In this context, it is clear that there is no need to ‘hide’ interests or stakes in companies where my wife is a co-owner, and they are duly recorded as related parties within the Agency, in accordance with legal obligations,” Mahmuzić said in his response to Fokus.

He further stated, “When it comes to other data and establishing the connection of individuals based on alleged associations with people I know or based on the address, part of the city, or city where they are located, the basis of connection in procedures conducted by the Agency, whether procurement or employment, absolutely does not exist.”

“The FBiH Banking Agency operates in accordance with a legal framework that ensures transparency and impartiality in the public procurement process. All procurement procedures we conduct undergo processes to ensure legality and fair competition.”

Regarding your allegations of connections, I emphasize that all business decisions of the Agency were made solely based on professional criteria and without the influence of any personal acquaintances and relationships,” Mahmuzić noted.

He stated that all bidders in the procedures conducted by the Agency go through the same evaluation processes, and the selection of bidders is made in a way that guarantees the best value for money as defined by the Public Procurement Law.

“I reject any insinuations about the influence of acquaintances or friendships on the selection of bidders in the procedures conducted by the Agency. The Agency is always guided by principles of professionalism and legality in its work,” concluded Jasmin Mahmuzić, director of the FBiH Banking Agency.