Montenegrin businessman Dusko Knezevic, founder and president of the board of directors of Atlas Group Corporation (AGC), returned to Montenegro from the UK. Knezevic, a prominent figure in the financial world with interests in banks across Serbia, Cyprus, and Great Britain, faces serious legal challenges in his home country. When the Westminster Magistrates’ Court in London approved his extradition in April, Knezevich decided to return.
Allegations and Charges
While Dusko Knezevic claims that he voluntarily returned to Montenegro, the Montenegrin police, officials from the Department for the Fight against Crime and the Special Purpose Police Sector claim that they successfully extradited the 65-year-old businessman.
Knezevic is wanted by Montenegro’s Special State Prosecutor’s Office for multiple charges, including abuse of office through incitement, establishing a criminal organization, and money laundering. These charges stem from his business operations and financial dealings over the years.
Upon his arrival in Montenegro’s capital, Podgorica, Knezevic was immediately taken to the High Court. In a statement to Montenegrin media before his extradition, Knezevic mentioned his voluntary return to address the allegations and protect his assets in Montenegro.
Controversial Claims and Evidence
Knezevic has consistently claimed that he possesses incriminating evidence against former President Milo Djukanovic, his former ally. He has publicly stated that he carries a “blue bag” containing evidence that could expose Djukanovic’s involvement in corrupt activities. This claim has added a layer of political intrigue to his case.
In January 2019, a video surfaced showing Knezevic handing over an envelope, purportedly containing $100,000, to Slavoljub Stijepovic, then mayor of Podgorica, allegedly to fund an election campaign for Djukanovic’s Democratic Party of Socialists (DPS). This video sparked protests by the civic movement Resist! in Montenegro.
Historical Context and Financial Allegations
Knezevic has alleged that he covertly provided financial support to the DPS from the mid-1990s onwards. In 2019, Montenegro’s special prosecution accused him of leading a criminal group that laundered €500,000 through Atlas Banka, with Knezevic allegedly receiving €1.9 million illegally. These charges followed Knezevic’s accusations against Djukanovic and the DPS, which both parties have denied.
In a lawsuit filed in June 2019, Djukanovic sought €100,000 in damages from Vijesti newspaper and Knezevic, claiming that their allegations harmed his reputation. This lawsuit was triggered by an interview in which Knezevic alleged that Djukanovic had received money from him, alongside other accusations of wrongdoing involving DPS officials.
Arbitration Proceedings Against Montenegrin Government
In addition to the criminal charges, Knezevic and his Atlas Group have initiated arbitration proceedings against the Government of Montenegro. Knezevic, along with Atlas Capital Holding Limited and Meljine Complex Limited, is seeking €500 million in damages. According to the Atlas Group‘s legal team, these proceedings started in May 2024.
The arbitration has been initiated to protect Knezevic’s interests and recover what he claims to be illegally confiscated property. The €500 million severance request covers damages allegedly incurred by Atlas Capital Holding Limited, Meljine Complex Limited, and Knezevic himself. The damages are said to result from a politically motivated campaign against Knezevic’s investments in Montenegro, which include two banks—Atlas Banka and Invest Bank Montenegro (IBM)—and a hotel complex development project on the seashore.
Legal and Political Ramifications
Knezevic’s extradition and the unfolding legal proceedings are expected to have significant implications for Montenegro’s political and financial landscape. Some political opponents of Djukanovic have argued that Knezevic should be granted the status of a cooperating witness due to the alleged evidence he holds. However, Montenegrin law currently precludes this possibility while he remains under suspicion as the organizer of a criminal group.
The arbitration proceedings and the criminal charges mark a critical moment in Montenegro’s ongoing efforts to address corruption and financial misconduct. Knezevic’s trial and the arbitration are likely to attract considerable attention both domestically and internationally.
