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Pretrial Detention For Serbia's Richest Man

Miroslav Miskovic (file photo)
Miroslav Miskovic (file photo)
Serbia's richest businessman, Miroslav Miskovic, has been placed in pretrial detention in conjunction with a suspected embezzlement scheme worth an estimated $40 million.

Miskovic was arrested along with his son Marko and eight others on December 12 in connection with a series of disputed privatization deals.

On December 14, a judge ordered that Miskovic, his son, and four others should stay in prison pending trial.

Miskovic built his fortune as an ally of former Serbian leader Slobodan Milosevic during the 1990s.

His wealth was estimated at more than $2 billion in 2007, although it is believed to have shrunk since then.

Serbia's current government launched a crackdown on corruption after it came to power in July.

Based on reporting by Reuters and AP