THREE MILLION EUROS FOR A LUXURY VILLA, THEN ALTA BANK COLLAPSES: BIRN reveals how Davor Macura’s brother’s company obtained a multimillion-euro loan just three months before bankruptcy!

One of the former companies owned by Davor Macura, the owner of Alta Bank, which is now owned by his brother Dubravko Macura, purchased a valuable property in Belgrade’s Dedinje district this year: a 1,154-square-meter plot in Zaječarska Street, featuring a residential building and a swimming pool, BIRN reports.

To finance the purchase of the villa, Dubravko’s company, ALStone, turned to his brother’s bank, from which it obtained a €3 million loan in July this year. A mortgage on the purchased property was registered in the land registry as collateral for the loan. Bogoni Gruppo, the property’s previous owner, confirmed this to BIRN, stating that it had signed the mortgage consent so ALStone could finance the purchase with a loan from Alta Bank.

At the end of October, the bank lost its operating license and went into bankruptcy.

The plot purchased by ALStone with the Alta Bank loan borders land and villas belonging to Ljiljana Božović, the wife of Zvonko Veselinović, and Ema Radoičić, the wife of Milan Radoičić. BIRN has previously reported on their properties and business dealings with Macura’s company, Danica Park.

In 2024, BIRN revealed that Danica Park, a company then owned by Davor Macura through ALStone, was listed as the owner or investor on several plots in Dedinje. Those properties subsequently ended up in the hands of Milan Radoičić, Ljiljana Božović and Nikola Petrović, a close associate of the then Serbian president. Danica Park was initially listed as the investor in the construction of a luxury villa on Milan Radoičić’s plot, as well as on the neighboring property that later went to Ljiljana Božović.

Macura’s company had previously owned two plots that later passed into Nikola Petrović’s ownership. One of them, previously owned by Novica Tončev, the outgoing minister and senior Socialist Party of Serbia official, was transferred to Danica Park after a 2010 decision legalizing buildings on the property was annulled at the company’s request. Enforcement proceedings were subsequently initiated over a debt Tončev owed to Macura’s company.

At the beginning of August 2024, Danica Park was deleted from the business register after being merged into ALStone, which was then owned by Davor Macura. The Serbian Business Registers Agency recorded the merger on August 8, making ALStone the legal successor to Danica Park.

What do the land registry records show?

According to data from the Republic Geodetic Authority, updated on November 12, 2026, ALStone D.O.O. Belgrade-Zemun is registered as the sole owner of a cadastral plot in Belgrade’s Savski Venac municipality, in Zaječarska Street in Dedinje. The plot covers 1,154 square meters and contains several structures.

The largest is a family residential building with a ground-floor footprint of 267 square meters, listed in the land registry as a building with a total area of 751.68 square meters. A 91-square-meter swimming pool is also registered on the plot. The building was entered into the records under the Law on Legalization of Buildings.

Publicly available data from the Republic Geodetic Authority show a transaction involving this plot in 2026, with a contracted price of €3,005,154.30. According to the explanation provided on the Authority’s website, this amount does not necessarily represent the price of an individual building, as a single purchase agreement may cover several properties or only part of a particular property.

Bogoni Gruppo confirmed to BIRN that the sale agreement with ALStone covered all the structures on the plot. BIRN also requested information from the Republic Geodetic Authority about the price, date and parties involved in the transaction, but received no response.

According to land registry records, on September 8, 2026, a mortgage in favor of Alta Bank was registered against the Dedinje plot and its buildings, securing a €3 million loan granted to ALStone D.O.O.

The loan agreement was signed on July 14, 2026, for a period of 60 months, with a variable interest rate based on the three-month EURIBOR plus 4.10 percentage points. The mortgage was registered on the basis of a mortgage statement dated July 15, 2026.

At the time the loan was approved, Davor Macura was neither the owner nor the director of ALStone. He stepped down as director in January 2025, while ownership was transferred to his brother Dubravko in October 2025.

However, the Law on Banks also classifies family members, including brothers, as persons affiliated with a bank, as well as companies controlled by such individuals. Before conducting a transaction with a related party, a bank must obtain prior written approval from its board of directors. There are, however, several exceptions, including loans secured by a deposit placed with the bank by the related party as a guarantee of repayment, or by certain debt securities.

BIRN asked the National Bank of Serbia and the Deposit Insurance Agency whether Alta Bank treated the loan to ALStone as a related-party transaction, whether it obtained approval from its board of directors, or whether the loan potentially fell under one of the statutory exceptions.

The Deposit Insurance Agency was also asked when and in what amount the loan to ALStone was made available, how much principal and interest had been repaid to the bank so far, whether the company had regularly met its payment obligations and whether there had been any delays. BIRN also asked whether ALStone had transferred money to the account designated for settling obligations to the bankruptcy estate after that account was made public, and if so, how much. No responses had been received by the time the article was published.

Bogoni Gruppo confirmed to BIRN that it had owned the property in Zaječarska Street in Belgrade’s Dedinje district. The company said it had acquired the property through a purchase in 2007 and signed the mortgage consent in favor of Alta Bank as the seller, enabling ALStone to secure a loan from the bank to finance the purchase.

The company said this was a standard procedure when approving loans for property purchases. It also stated that it had received the full purchase price and had no outstanding claims against ALStone.

The company added that the mortgage had been properly established as collateral for the loan used by ALStone to pay for the property, and that there was no dispute or outstanding claims between Bogoni Gruppo and Alta Bank or its bankruptcy administrator.

It also claims to have no business or other ties to Alta Group, Davor or Dubravko Macura, Alta Bank or ALStone, apart from the purchase agreement for the property in question. The company further stated that the property in Zaječarska Street had been on the market for several years.

According to data from the Serbian Business Registers Agency, Bogoni Gruppo is owned by the Cyprus-based company HALIBER HOLDING LIMITED.

By the time the article was published, BIRN had received responses only from Bogoni Gruppo and lawyer Ahmed Delimadžac. The lawyer said the investigation had only just begun and that he had not yet had access to the prosecutor’s full documentation, adding that he would therefore not answer BIRN’s questions at this stage.