An investigation by Radio Free Europe (RFE) has revealed that the business empire of Zvonko Veselinović is expanding its footprint in southwest Serbia, securing lucrative state-sanctioned mining permits near the route of a major planned highway to Montenegro.
Documents obtained from the Serbian Ministry of Mining and Energy indicate that two companies controlled by Veselinović have been granted limestone extraction rights in the Sjenica region over the last two years. These permits place his operations directly adjacent to the high-priority infrastructure corridor championed by President Aleksandar Vučić’s administration.
Strategic Expansion in Sjenica
The expansion is led by Novi Pazar-put, a former state-owned construction firm acquired in 2020 by Inkop, which is owned by brothers Zvonko Veselinović and Žarko Veselinović.
- Extraction Permits: In April 2024, the Ministry authorized Novi Pazar-put to exploit limestone at the “Buđevo” site. The site holds an estimated 1.5 million tons of stone, essential for road construction.
- New Acquisitions: In December 2025, the Veselinović brothers acquired Hots Kop, a firm that recently secured a ten-year permit for the “Tonjak” quarry in the village of Rasno, boasting reserves of over 7.7 million tons.
- Exploration Rights: The Ministry has also granted the group geological research permits at two additional locations, “Vranjevica” and “Stupska Lisa,” to scout for further mineral deposits.
Operating Under International Sanctions
The continued awarding of state contracts and permits comes despite Zvonko Veselinović being under U.S. and British sanctions since 2021. The U.S. Treasury Department identifies Veselinović as the leader of an organized criminal group involved in bribery and the smuggling of goods, money, and weapons between Kosovo and Serbia.
While the Serbian government maintains that international blacklists do not carry legal weight within its borders, the RFE report highlights a persistent pattern where sanctioned entities continue to benefit from taxpayer-funded projects.
The Financial Landscape
Veselinović’s core company, Inkop, and its subsidiaries—including Novi Pazar-put and Betonjerka Aleksinac—have seen their revenues surge.
- Inkop reported over €40 million in revenue for 2025, with profits exceeding €6.3 million.
- Novi Pazar-put earned approximately €29.8 million in the same period, frequently serving as a subcontractor for major Chinese firms like Shandong on state-funded projects.
- Betonjerka Aleksinac secured a €6 million contract in late 2024 with the state power utility, Elektrodistribucija Srbije, for the production of transmission line poles.
Political Ties and Local Impact
Zvonko Veselinović was a long-time business partner of Milan Radoičić, who publicly claimed responsibility for the 2023 armed attack in Banjska, Kosovo. Following the incident, Radoičić officially gifted his shares in Inkop to the Veselinović brothers, though observers suggest the underlying network remains intact.
Despite years of government promises, construction on the final 100-kilometer stretch of the highway to the Adriatic has yet to officially begin. However, with Veselinović’s quarries now fully permitted and operational in the immediate vicinity, his companies appear uniquely positioned to supply the massive quantities of raw materials required once the project breaks ground.
