An investigation into alleged financial abuses at Serbia’s state-owned power company Elektroprivreda Srbije (EPS) has been awaiting key economic and financial forensic findings for months, leaving the case against former EPS acting director Milorad Grčić, businessman Aleksandar Papić and other suspects without an indictment.
According to investigative outlet Radar, the Public Prosecutor’s Office for Organized Crime (TOK), which took over the case from the Higher Public Prosecutor’s Office in Belgrade in March 2025, has repeatedly sought to accelerate the financial examination. The investigation remains ongoing.
The case began with the February 2025 arrests of Grčić, Papić and 13 other suspects over alleged abuses connected to public procurement at EPS. Prosecutors initially alleged that the suspects had caused the company damage exceeding 100 million Serbian dinars and obtained financial benefits for themselves or others.
As of July 2026, TOK had confirmed that the economic and financial forensic examination had still not been completed and that no indictment had been filed.
Apostolović’s Account of Alleged Procurement Arrangements
A central element of Radar’s latest report is the testimony of Toni Apostolović, the owner of IT company Tim Systems, which conducted business with EPS.
According to the report, Apostolović told prosecutors that Aleksandar Papić introduced him to Milorad Grčić and that the three participated in discussions concerning EPS’s annual IT procurement plans.
Apostolović reportedly told investigators that profits from individual public procurement contracts averaged around 30 percent of the offered price before VAT. He also alleged that part of the resulting profits was passed to Papić, who, according to Apostolović’s statement, was supposed to deliver money to then-Interior Minister Nebojša Stefanović.
Most significantly, Apostolović alleged that he transferred a total of €6 million to Papić in several installments and that Papić told him the money had been passed on to Stefanović. Apostolović also said he could not independently confirm whether Stefanović actually received the money.
These are allegations contained in a witness statement reported by Radar and have not been established by a final court ruling.
Investigation Transferred to Organized Crime Prosecutors
The case was transferred to TOK following an instruction from Supreme Public Prosecutor Zagorka Dolovac in March 2025. TOK subsequently took over the entire case file concerning Grčić, Papić and the other suspects.
In August 2025, TOK said that numerous evidentiary actions had been carried out, including the questioning of 45 witnesses and all 15 suspects. Prosecutors also ordered economic-financial, electronic-information and forensic examinations and requested international legal assistance to obtain additional evidence.
The investigation has continued without an indictment. Radio Free Europe reported earlier this year that the financial examination remained unfinished because of the volume and complexity of the procurement records under review.
Tim Systems and EPS Contracts
The Radar report also focuses on Tim Systems, a company owned by Apostolović that is now in bankruptcy.
According to BBC research into public procurement data, Tim Systems received 32 contracts worth a combined 816 million dinars between 2016 and 2021, with more than half of the total value coming from EPS and around one-fifth from Pro Tent.
Radar reports that Apostolović told prosecutors Papić was formally employed by Tim Systems from May 2019 until December 2022, with a monthly salary equivalent to €8,000, although Apostolović said he could not precisely explain what Papić’s work for the company involved.
The testimony also reportedly describes the purchase or attempted purchase of several high-value properties and investments, which Radar presents as part of its investigation into how profits from the company’s business were allegedly used.
No Judicial Finding Yet
Neither Grčić nor Papić has been convicted in the EPS case. The investigation remains ongoing, and the economic-financial forensic examination is still a key outstanding piece of evidence before prosecutors decide whether to bring charges.
Papić is also facing a separate case: the Higher Court in Belgrade has confirmed an indictment against him on money-laundering allegations involving more than 72 million dinars, according to Radar. That proceeding is separate from the EPS investigation.
The continuing delay in the EPS case has kept attention on TOK’s investigation and on whether the pending financial examination will provide prosecutors with sufficient evidence to determine the next procedural steps.
