Today, businessman Milinko Cicmil was arrested along with four others on allegations of money laundering and tax evasion, as reported by Nova.rs.

Known in Serbia for owning hotel complexes, Cicmil has received millions in state subsidies. He also rents out properties and was involved in the construction of the Turkish Stream pipeline through Serbia.

He operates a cold storage facility and a brewery, earning accolades as manager of the year, recognized as a successful businessman who allocated apartments to employees.

Originally from Montenegro, specifically Šćepan Polje, Cicmil has shared that he earned money while studying mechanical engineering by digging canals in Novi Sad. In the business sphere, he is most recognized for his hotel industry ventures and real estate holdings.

Cicmil’s company, Promont Group, manages four hotels, including the five-star “Premier Aqua.”

He also owns the Vrdnik Tower ethno complex, Fruška Terme, and Fruška Residence, and according to official records, possesses over 270 properties including plots, buildings, apartments, and garages in Vrdnik and Irig, as reported by Nova.rs.

Balkan Insight has reported that Cicmil has received state subsidies. The Serbian government previously entered into a contract with him or his company to support a luxurious resort on Fruška Gora.

In November 2018, Promont Group signed a contract committing to invest €16.3 million and create at least 70 new permanent jobs in the Vrdnička Kula hotel complex located in National Park Fruška Gora. The government promised an incentive exceeding €2.6 million.

According to contract stipulations, Promont Group was prohibited from reducing its number of permanent employees below 212 for three years following the project’s completion. However, a May 2021 amendment saw the Ministry of Economy approve reducing this number to 185.

In January 2022, Promont Group received an incentive of €4.8 million for a new family hotel construction in Vrdnik, which translates to €68,500 per new employee.

One of his establishments, Fruške Terme, was visited by Serbian President Aleksandar Vučić in 2019, who remarked on the occasion that it represented one of Serbia’s largest tourism investments valued around €28 million.

The Promont Group website also mentions its involvement in gasification, specifically designing and constructing gas pipelines, having been engaged in the significant energy project of the Turkish Stream main gas pipeline through Serbia in October 2021.

Another of his ventures, Promont Invest, officially engages in electricity production. However, records from the Central Register of Unified Procedures indicate that it has also constructed residential and commercial buildings, along with vacation homes.

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