Serbian state-owned telecoms operator Telekom Srbija will collaborate with an investment fund with an interesting history, whose founder has an even more interesting biography.
This was announced by the vice-president of the Serbian "Party of Freedom and Justice" Marinika Tepic, who named the potential buyer in the sale of 20% of the shares of the state-owned company.
Tepic wrote on the social network X that "the regime in Belgrade is preparing with the Cerberus fund to sell 20% of the shares of the state-owned telecom." Said fund is largely involved in buying shares in companies, but it also has a consulting business, so it could become an advisor to the state in the sale to a third party.
The speciality of this company is buying companies in great difficulty, which they then restructure and sell, making a profit for investors.
The Cerberus Fund was founded in 1992 and claims to be a pioneer of 'alternative investing', which means that companies involved in this type of investment do not usually invest in the classic way - buying shares on the stock exchange or bonds. The field of interest of these funds is 'tangible' assets such as buildings, shares in companies, raw materials, land, etc.
The structure manages assets worth $60 billion. It has a very diversified approach and is present in the real estate market, buying hard to collect debts , lending to companies etc. Although it was founded in the early 1990s, it came into the public eye mostly in 2006. Cerberus bought a majority stake in General Motors Acceptance Corporation, part of the automaker General Motors.
Then, in 2007, it acquired a majority stake of 80% in another major US carmaker, Chrysler, which was also in financial trouble, for $7.4 billion. The challenge for Cerberus was that after these two purchases came the global economic crisis.
The company is not open to the public. Its founder, Steven Feinberg, is even less willing to be in the spotlight. His partner is William Richter, and he and Frank Bruno Feinberg share the CEO position. Feinberg also runs the company's investment operations. On the Forbes list, he is the 634th richest person in the world with a fortune estimated at $4.5 billion.
What he is best known for is his relationship with former US President Donald Trump. Feinberg has donated heavily to the Republican's campaign. On the Open Secrets portal, a nonprofit and independent organization that tracks money flows in American politics, donations of $1 million to America First Action and $1.47 million to Rebuilding America Now can be seen. Both organizations are political action committees dedicated to supporting federal candidates and allies of President Donald Trump.
Stephen Feinberg has also funded individuals such as Senator Mitt Romney and former Vice President Ben Quayle from 2003 to 2020.
But that's not all when it comes to his collaboration with Trump. In 2016, the fund co-founder was a member of a team of more than 20 economic advisers to Trump's presidential campaign.
The Republican won that election and entered the White House, and it wasn't long before Feinberg was given a position in his administration - in 2018, he was named head of the President's Intelligence Advisory Board and remained there for the remainder of his term (January 2021).
US media noted that Feinberg had no previous experience in intelligence matters, expressing doubt about his success in Washington's bureaucratic environment. "The New York Times reported that Trump's then son-in-law Jared Kushner had personally contacted Feinberg. The New Yorker made a connection between Feinberg, the private military operator Dynecorp and his operations in Afghanistan, raising the issue of a possible conflict of interest.
Cerberus vehemently denies any connection between its business and Feinberg's position in the Trump administration. The fund says its founder has undergone rigorous vetting by the government's Office of Ethics and other relevant authorities, and has responsibly complied with the law.
Feinberg isn't the only person at Cerberus who has held important positions in presidential administrations. Jon Snow is also on the leadership team. He was the 73rd secretary of the U.S. Federal Reserve from 2003 to 2006 under President George W. Bush Jr.
An even more prominent person in the leadership is Dan Quayle, who was the 44th Vice President under George Bush Sr. from 1989-1993. He was known for numerous gaffes and controversial positions. Quayle secured Jeb Bush's nomination in 2016, but later backed Trump when Bush failed to win the nomination.
Both Quayle and Snow are Republicans and share the Cerberus chairmanship. / BGNES
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