Bosnian finance minister linked to hidden business empire with close adviser

Srđan Amidžić, Minister of Finance and Treasury of Bosnia and Herzegovina (BiH), spent years building a business network with his colleague Siniša Kurteš — today his advisor at the BiH Council of Ministers — and Dragan Mikerević, a former Prime Minister of Republika Srpska (RS), before entering politics at the state level.

As reported by CIN, their business ties and enterprises grew alongside Amidžić’s political rise.

Journalists from the Center for Investigative Reporting (CIN) found that Amidžić and Kurteš were co-owners of five companies in the fields of consulting, financial services, insurance and brokerage in BiH, and one in Switzerland. Amidžić transferred all his shares to Kurteš, with or without compensation, the last time three months before he appointed him as his advisor at the Ministry of Finance.

He failed to declare four of the companies in the asset disclosure forms he submitted to the Central Election Commission of BiH (CIKBiH) in 2014 and 2019, at the beginning and end of his term as a member of the National Assembly of Republika Srpska (NSRS).

Under the Election Law of BiH, candidates and elected officials are required to report to the CIK their income from the previous year, as well as their own assets and those of their immediate family members worth more than 5,000 KM.

The CIK does not verify the content of asset disclosure forms, nor is there a sanction for incomplete or false declarations of assets.

Srđan Amidžić, Minister of Finance and Treasury of Bosnia and Herzegovina (BiH), spent years building a business network with his colleague Siniša Kurteš — today his advisor at the BiH Council of Ministers — and Dragan Mikerević, a former Prime Minister of Republika Srpska (RS), before entering politics at the state level.

Their business ties and enterprises grew alongside Amidžić’s political rise.

Journalists from the Center for Investigative Reporting (CIN) found that Amidžić and Kurteš were co-owners of five companies in the fields of consulting, financial services, insurance and brokerage in BiH, and one in Switzerland. Amidžić transferred all his shares to Kurteš, with or without compensation, the last time three months before he appointed him as his advisor at the Ministry of Finance.

He failed to declare four of the companies in the asset disclosure forms he submitted to the Central Election Commission of BiH (CIKBiH) in 2014 and 2019, at the beginning and end of his term as a member of the National Assembly of Republika Srpska (NSRS).

Under the Election Law of BiH, candidates and elected officials are required to report to the CIK their income from the previous year, as well as their own assets and those of their immediate family members worth more than 5,000 KM.

The CIK does not verify the content of asset disclosure forms, nor is there a sanction for incomplete or false declarations of assets.

Colleagues and business partners

In the 2014 general elections, Amidžić was elected as a member of the NSRS. In the asset disclosure form he submitted to the CIK at the start of his term in the National Assembly of RS, Amidžić did not declare that he was a co-owner of the consulting firm "A&K Konsalting," even though he was required to do so.

He formally left this company seven days after submitting his asset disclosure form to the CIK.

"A&K Konsalting" was the first joint project of Amidžić and Kurteš, colleagues from the Faculty of Economics in Banja Luka. Amidžić’s share was transferred to Kurteš free of charge. The company’s revenues subsequently grew several times over.

Their cooperation continued in 2015 through the microcredit company "FinCredit," which they founded together with Dragan Mikerević, his son Dejan, and the company "Finrar."

Amidžić did not declare his co-ownership of "FinCredit" in the asset disclosure form he filled out at the end of his term in the National Assembly of RS in 2019.

He remained a co-owner until 2023, when he transferred his share to Kurteš for 1.5 million marks. Over the years of its operation, "FinCredit" recorded multi-million growth in revenue.

The business partnership between Amidžić and Kurteš also expanded to the company "Smart Solution," and later to the insurance company "Euros osiguranje."

These companies were founded in 2015, shortly before Amidžić was appointed deputy mayor of Banja Luka under Mayor Igor Radojičić, then his party colleague from the Alliance of Independent Social Democrats (SNSD). He held this position for five years.

In 2016, Amidžić and Kurteš already transferred ownership of "Smart Solution" to "Euros osiguranje" for 2 KM.

Amidžić is last mentioned in "Euros osiguranje" documents in 2019, when he held a five-percent stake. After he was removed from the ownership structure, Siniša Kurteš’s stake increased by five percent. From the court documents reviewed by CIN journalists, it was not possible to determine exactly when Amidžić left the company or for what compensation he transferred his share.

In the years that followed, "Euros osiguranje" achieved multi-million revenues and took a leading position within the group of companies linking Amidžić, Kurteš and Mikerević.

Amidžić’s wife, Vanja, also took part in the joint projects. The same year "Smart Solution" and "Euros osiguranje" were founded, she became a co-owner of the brokerage firm "Finos," together with Kurteš, Dejan Mikerević, Sreten Kesić, Nebojša Torbica and Nemanja Gojšin.

Following the same pattern, the ownership structure of "Finos" was later changed when Vanja Amidžić transferred her share to Kurteš. This further consolidated his control over the companies that had been connected to the Amidžić family for years.

In 2017, the business cooperation between Amidžić and Kurteš also expanded beyond BiH’s borders. Together with Predrag Đurašević, they founded the company "Perfect’eau Sàrl" in Switzerland, which deals in sanitary and heating installations. Amidžić and Kurteš each held a 25-percent stake, while Đurašević held 50 percent. According to available data, Amidžić left the ownership in 2021, and his share passed to Kurteš. Four years later, Kurteš also left the company, and Đurašević is now the sole owner.

In 2019, Amidžić did not declare that he was a co-owner of the Swiss company, nor did he declare his wife’s share in "Finos."

In August 2023, he became the state Minister of Finance and Treasury of BiH, and a month later Kurteš was appointed as his advisor.

By decision of the BiH Council of Ministers, Siniša Kurteš was appointed in May 2024 as a member of the Council of the Bosnia and Herzegovina Air Navigation Services Agency (BHANSA). His term lasts four years. Kurteš has been employed at the Faculty of Economics of the University of Banja Luka since 2005.

In the asset disclosure forms submitted to the CIK of BiH in 2014 and 2019, Amidžić stated that he and his wife each owned an apartment. Although in 2019 they held shares in five companies, he only declared co-ownership in "Euros osiguranje."

Data from the asset disclosure form submitted in 2021 show that, before taking up the position of minister, he declared an ownership share in "FinCredit," an apartment in Banja Luka, and a loan. For his wife, he declared an apartment and ownership in the company "Finos."

In the statement submitted in 2023 upon assuming the ministerial position, he declared co-ownership of the apartment in Banja Luka, co-ownership in "FinCredit," and his wife’s co-ownership in "Finos." That same year, both of them transferred their shares to Kurteš.

This brought to an end the Amidžić family’s business ties to the companies that had marked their entrepreneurial period.

For six months, he avoided talking to CIN journalists about his assets.

Although Amidžić — while serving as a member of the National Assembly, deputy mayor and councilor — was a co-owner of several companies, this is not considered a conflict of interest under the Law on the Prevention of Conflict of Interest in Government Institutions of RS, since he did not serve as director nor was he a member of any company’s management or supervisory board.

Citizens can read more about the career and assets of Minister Amidžić in CIN’s "Assets of Politicians" database.

This database represents a unique repository of data on the careers, education, assets, court proceedings, and party affiliations of around 230 politicians and public officials. CIN journalists have been collecting data since 2009 and continuously update the database with new profiles. The database includes profiles of politicians who currently hold office, as well as those who have ended their political careers.