Belgrade Mayor Sini?a Mali, secretly purchased a total of 24 apartments in the Black Sea resort of Sv Nikola in Bulgaria, results of a recent investigation show.

Mali bought 14 of them from Sr?an Dabi?, a former CEO at Lukoil Serbia who co-built Sv Nikola along with his business partner Vlado Boyanov, the husband of former Bulgarian Deputy Economy Minister Edit Genova, Serbia-based investigative network and Bulgarian partner network Bivol [BG] have jointly discovered.

Their complete findings are so far published only on KRIK's website [RS].

At the time Mali struck the deal with Dabi?, in 2012 and 2013, he was an economic and financial advisеr to PM Aleksandar Vucic, and was elected Mayor the year after.

For the purpose of his business activities, Mali set up two companies in Bulgaria, Erul 11 and Erma 11, owned respectively by Birgham Holding & Finance Inc. and Etham Invest & Finance Corp., two companies registered on the Virgin Islands and both represented by the mayor. Both entities have purchased a total of 24 apartments for the price of EUR 709 000.

By officially selling 4 apartments to Russian citizens between 2013 and 2015, Erul 11's revenues for the period are to the tune of EUR 250 000.

The Mayor has apparently not declared the respective deals to tax authorities.