In brief

• Serbia has formally terminated its contract with a Jared Kushner-linked firm to build a luxury hotel on the former Yugoslav General Staff site in Belgrade.
• Both parties waived mutual claims, so Serbia avoids arbitration and penalties.
• The decision was reportedly made in August; the project was valued at $500 million and is linked to a criminal case against former minister Goran Vasić.

Contract cancelled after months of delay

Serbia has officially ended its agreement with Atlantic Incubation Partners LLC, a firm associated with Jared Kushner, the son-in-law of US President Donald Trump. The project was to put a luxury hotel on the site of the General Staff building of the Yugoslav army, which was destroyed in NATO bombing of Belgrade in 1999 (Serbia zrywa umowę z zięciem Trumpa. Luksusowy kompleks nie powstanie – Wirtualna Polska) (СМИ: Сербия разорвала контракт с фирмой Кушнера, которая собиралась строить отель – Charter 97) (Сербия разорвала контракт с фирмой Кушнера, которая собиралась строить отель на месте бывшего Генштаба — СМИ – NV).

The Serbian newspaper Vreme reported on 14 November, citing government sources, that the contract was terminated with both parties abandoning all possible mutual claims. That arrangement is understood to spare Serbia arbitration and penalties for failing to meet its side of the deal.

The company did not respond to requests for comment.

Decision taken in August

Construction, Transport and Infrastructure Minister Aleksandra Sofronijević told the outlet Insajder in writing that the decision to end the contract was made back in August, with formal steps to be completed early the following week.

Background and investigation

The contract was signed in May 2024 by then construction minister Goran Vasić. In May 2026, Bloomberg reported that Vasić had been detained in Serbia on suspicion of falsifying documents to advance the Kushner-linked project in central Belgrade. Prosecutors allege he exceeded his official powers.

The project was valued at $500 million and was planned as a hotel and residential complex bearing the Trump name (Trump Towers nie powstaną. Europejski kraj zamyka drzwi przed kontrowersyjną inwestycją – Business Insider Polska). Business Insider Polska reported that the plan was halted after criminal proceedings were opened over alleged abuse of power by Serbian officials.