Fiat Investment Deal in Serbia Is Under Scrutiny by Anti-Corruption Council

BEOGRAD, Serbia, 7 November - "Stupidity or arrogance", "Unacceptable", "Mockery of the Serbian citizens" - Serbian media, fuelled by the anger of the Anti-Corruption Council is awash with reports on how the Ministry of Economy blacked out 20 kilogramms of papers (!) related to the Fiat investment deal which was struck in 2008.

Fiat released a short statement today, which may quell the outburst:
"Joint Venture Investment Agreement between the Republic of Serbia and Fiat Group Automobiles S.p.A. contains confidentiality provisions requested by Fiat Group Automobiles S.p.A. with intention to protect joint investment of the Republic of Serbia and Fiat Group Automobiles S.p.A. in Kragujevac, Serbia, as certain schedules and exhibits represent commercial and industrial secrets crucial for success of the joint venture.

We consider that such provisions are for the benefit of both the joint venture company and its shareholders.

Fiat Group Automobiles S.p.A. approved disclosure of the main body of the agreement with only certain key figures representing commercial and industrial secret excluded, to comply with request of public to be informed on the most important industrial investment in Serbia in recent years. "