Montenegro’s Spajic Faces Questions on Turkish Investment Impact

Montenegro’s Prime Minister Milojko Spajic faced criticism from lawmakers for his failure to directly address questions regarding the economic impact of Turkish investments in the country. During a recent parliamentary session, Radinka Cincur, a member of the special parliamentary club, highlighted her concerns about the significant influx of Turkish capital.

Cincur’s inquiry was specific and pointed. She noted that Turkish investors have injected over €90 million into Montenegro in the first eight months of this year and own stakes in approximately 14,500 registered firms. She questioned the implications of this heavy investment, especially considering that the number of Turkish residents in Montenegro is reportedly only 13,500.

Her questions were extensive, focusing on whether measures have been implemented to prevent potential abuses of investment arrangements, particularly concerning money laundering and concealed ownership. Cincur specifically mentioned the Zeren Group, which is under scrutiny for allegations related to money laundering, tax evasion, and other financial crimes. She pointed out that individuals associated with Zeren Group have faced multiple arrests recently in various countries, including Croatia and Slovenia.

Cincur demanded to know if Montenegrin authorities, such as the Ministry of Interior and the Financial Intelligence Unit, have verified the source of capital and business activities of this group within the country. She also raised concerns about whether the government possesses information on the true owners and financial flows linked to the Zeren Group.

In light of Montenegro’s aspirations for full alignment with European Union standards on anti-money laundering, Cincur pressed further on whether the government plans to conduct targeted checks on foreign companies from Turkey operating in high-risk sectors, such as real estate, tourism, trade, and financial services.

Cincur emphasized that these inquiries are crucial for the citizens of Montenegro, especially at a time when xenophobic incidents have reportedly increased, for which she holds the executive branch accountable. She remarked on the government’s priorities, stating, “It is not surprising that a government led by someone without an accredited degree in finance prioritizes money, regardless of its source.”

As the discussion unfolds, the implications of Turkish investments and the government’s approach to oversight remain critical topics for both lawmakers and the public in Montenegro.