"The Serbian government has established a joint venture with a property development company owned by Donald Trump's son-in-law, Jared Kushner, to develop a hotel complex in Belgrade, giving Serbia until next May to demolish the existing buildings, according to leaked documents. An independent Serbian news magazine, Radar, published what appears to be a 2024 investment agreement giving Kushner's firm, Atlantic Incubation Partners LLC, a 77.5% stake in the joint venture, and the Serbian government a 22.5% stake."
"While the agreement dates back to February 2024, it was kept secret and only became a flashpoint last week, after Serbia's national assembly passed a special law to fast track development of the site as a project of importance for the Republic of Serbia. The new law allows the government to sidestep regulatory controls which had halted progress on the scheme in May, pending an investigation into whether documentation removing the headquarters' protected cultural status had been forged."
A joint venture gives Atlantic Incubation Partners LLC, a Kushner-owned company, a 77.5% stake while the Serbian state holds 22.5% to redevelop the Serbian armed forces headquarters site in Belgrade. The complex, bombed by Nato in 1999, provoked city centre protests. The February 2024 agreement, revealed in leaked documents, obliges the state to remove the site's cultural designation and complete demolition to the US company's satisfaction, and sets a May deadline after which the company can terminate and seek substantial termination costs. The deal grants a 99-year free lease with an option to convert to full ownership and spurred student-led demonstrations after a special law fast-tracked the project.
Read at www.theguardian.com
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