Serbian National Bank (NBS) shut down Alta Bank less than a week after the Serbian Progressive Party (SNS) lost the 25 October parliamentary election. On Monday, prosecutors announced the arrest of its owner, Davor Macura, alleging that he had removed approximately 380 millions euros from the bank’s vault with the help of two employees.
The crisis unfolded in the days following the election. Employees interviewed anonymously by Nova ekonomija said they began noticing large withdrawals and currency conversions on 27 October, as individuals and companies moved funds to other Serbian banks. The outlet also reported, citing unofficial information, attempts to transfer tens of millions of euros abroad.
According to those employees, managers continued to insist that everything was under control. But when National Bank of Serbia inspectors arrived on 30 October, staff reportedly received their salaries early and were told to transfer the money to accounts elsewhere.
