The controversy surrounding a stalled hydroelectric plant has led Croatian journalists to connect the project to Sasa Svalina and his brother-in-law, Josip Heit.
Heit is currently entangled in a complicated refund process after facing allegations of securities fraud in connection with a billion-dollar “fraudulent investment scheme.”
In a recent report from Croatia, published on September 22 by Dusan Miljus of Jutarnji, Heit’s life before his involvement with Karatbars International is examined. Notably, it was reported that Heit had previously been sentenced to prison in Luxembourg for financial fraud.
Citing “reliable sources,” Jutarnji reveals that after being released from prison in Luxembourg in 2012, where he was serving time for financial fraud, Heit adopted a copyright in Croatia. He borrowed money, some of which remains unpaid, and continued to portray himself as a successful businessman.
Heit cultivated an image of wealth, driving a Bugatti and benefiting from the financial support of his ex-wife’s relatives. One of these relatives, her uncle Andrej Labudzko, is reportedly connected to Viktor, a Russian military arms dealer trusted by Putin. Ten years ago, Heit even introduced them to Una.
Though details of Heit’s financial fraud and his prison sentence in Luxembourg remain vague, it is known that before his sentencing, he abandoned his studies in 1998 to start his first business offering tourism and luxury services, such as boat leasing and charters, in Croatia.
Additionally, Heit is believed to have been financially supported by a Russian arms dealer. Ironically, when Russia invaded Ukraine, Heit used donations to Ukraine as part of his marketing efforts for GSPartners.
Heit, originally named Josip Curcic, changed his name following his release from prison in Luxembourg. He was born in Split and married Kristina Heit, a German citizen of Russian descent, in 2009, taking her last name. His parents, Ivan and Ruza, are Bosnian citizens, though Ivan no longer holds Croatian citizenship.
Jutarnji made several attempts to contact Heit for comment, but their efforts were largely unsuccessful. Eventually, a woman answered their inquiry and promised to pass along their message to Heit.
Sasa Svalina, tracked down in Croatia, denied any connection between Heit and the construction of the mini hydropower plant in Una, despite the investment being made through one of Heit’s companies. He clarified that his wife is Heit’s sister, but stated they have no business relations, and he has not heard from Heit in months.
Karatbars International, founded in 2011 by Harald Seiz, reportedly included Josip Heit, Alex Bodi (later imprisoned for organized crime), and Ovidiu Toma as co-founders. Svalina was also involved with Karatbars, appearing in a marketing video alongside Heit.
After an unsuccessful pivot to MLM copyright, Karatbars International collapsed in mid-2019. Heit parted ways with long-time business partner Harald Seiz and began setting up GSB shell companies in Kazakhstan by 2020, with the aim of engaging in copyright trading.
GSB, now known as “GSB Group,” eventually led to the creation of GSPartners and several related companies. GSPartners claims to have raised a billion dollars from over 800,000 investors. However, following numerous regulatory fraud warnings from authorities worldwide, GSPartners collapsed in December 2023. A significant portion of its investors are believed to be from North America.
In a settlement with US regulators earlier this month, GSB Group and Heit consented to an enforcement order acknowledging their illegal offer and sale of securities. US and Canadian investors are hoping to recover their investments, while funds from GSPartners investors outside North America remain unaccounted for, pending further legal actions at either the federal level in the US or through civil or criminal fraud charges in other countries.
Irfan Azmi
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