An investigation by the NGO Action for Social Justice (ASP) reveals that the Pension and Disability Insurance Fund (PIO) used money intended for pension payments to rescue the First Bank, associated with the Đukanović family. Over a period about a decade ago, the Fund held significant deposits in the First Bank, while other funds had much smaller amounts in other banks. Documentation obtained from multiple whistleblowers indicates misuse of the PIO Fund’s accounts, including term deposits that were not used as collateral. The First Bank, owned by the brother of long-time Montenegrin president and prime minister Milo Đukanović, faced severe financial problems, and the state lent it 44 million euros for liquidity. The bank was saved by selling shares of the state electric company and a subordinated loan, which has sparked controversy and public intrigue in Montenegro.
Political Perspectives:
Left: Left-leaning sources emphasize the misuse of public pension funds to bail out a bank connected to political elites, highlighting issues of corruption, nepotism, and the exploitation of public resources for private gain. They focus on the social injustice and the impact on pensioners whose money was at risk.
Center: Centrist sources report the facts of the investigation, presenting the financial data and the sequence of events without strong editorializing. They highlight the financial difficulties of the bank, the state’s intervention, and the controversy surrounding the use of pension funds, aiming for balanced coverage.
Right: Right-leaning sources may focus on the alleged corruption and cronyism within the ruling political family, using the story to criticize the government and its management of public funds. They might emphasize the need for accountability and reforms to prevent such abuses.
