Former Serbian Economy Minister Rade Basta has been arrested on suspicion of causing financial damage of 14.1 million dinars (around $120,000) to Belgrade Power Plants while serving as the company's director.

Axar.az reports, citing Serbian public broadcaster RTS, that according to the Higher Public Prosecutor's Office in Belgrade, Basta approved 10 unjustified donations to various sports clubs and organisations between November 2020 and June 2022, in violation of the company's regulations.

Seven other people, including the company's executive director for financial affairs and representatives of several sports organisations, have also been arrested. They are suspected of assisting in the abuse of office and money laundering.

Investigators suspect that around 6 million dinars of the donated funds were laundered. Representatives of the organisations withdrew the money, kept part of it as commission and handed the remainder to another suspect.

All suspects have been ordered to remain in custody for up to 48 hours before being brought before prosecutors for questioning.

Basta served as Serbia's economy minister from October 2022 until 2023, when he was dismissed after calling on the government to consider imposing sanctions on Russia over its war against Ukraine.