The collapse of GSPartners reveals how Josip Heit emerged from prison to orchestrate a billion-dollar cryptocurrency operation
- 30.12.2025 12:13
Croatian journalists have connected the halted hydroelectric plant project to Sasa Svalina and his brother-in-law, Josip Heit, amid growing controversy.
Heit is currently going through a refund settlement nightmare, following securities fraud allegations pertaining to a billion dollar “fraudulent investment scheme”.
The latest out of Croatia is a September 22nd report from Dusan Miljus of Jutarnji. Among other things, Miljus examines Heit’s life prior to his involvement in Karatbars International.
Notably, Miljus reports Heit was previously sentenced to prison in Luxembourg for financial fraud.
Citing “reliable sources”, Jurarnji reports;
After he was released from prison in Luxembourg in 2012, where he was serving a sentence also for financial fraud, Heit took on a new identity in Croatia.
He borrowed money, some of which he still owes today, and he continued to present himself as a successful businessman.
[Heit] made an impression, drove a Bugatti, and the relatives of his ex-wife, a German born in Russia, “pumped up” his capital.
Namely, her uncle Andrej Labudzko, whose brother is Viktor, who buys weapons for the Russian army and is a man trust by Putin. Heit even brought them to Una ten years ago.
There’s a lot to unpack there. First, details of Heit’s fraud leading up to his prison sentence in Luxembourg remain unclear.
Prior to his financial fraud prison sentence, Heit stopped his studies and in 1998 started his first company for tourism and luxury services, i.e. leasing and charter boats in Croatia.
I want to point out, while seemingly being funded by a Russian arms dealer, when Russia invaded Ukraine Heit used donations to Ukraine as a GSPartners marketing tool.
Not sure how that went down with Heit’s relatives, but I digress.
Born Josip Curcic, Heit’s name-change happened after his release from Luxembourg prison.
Josip Heit was born in Split and married Kristina Heit, a German citizen born in Russia and residing in Germany, in 2009, and then took her last name.
[Heit’s] parents Ivan and Ruza are citizens of Bosnia and Herzegovina, and Ivan Heit [sic] no longer has Croatian citizenship.
Jutarnji attempted to reach Heit for comment on multiple occasions.
It was only on Thursday afternoon that a female voice answered us, who did want to introduce herself by name, but only said that she would convey our message to Mr. Heit that we wanted to speak to him.
Sasa Svalina (right) was tracked down in Croatia and, despite being related to Heit and investment into the frozen hydroelectric project being through one of Heit’s companies, stated;
His brother-in-law [doesn’t] have anything to do with the construction of the mini hydropower plant in Una.
Yes, my wife is his sister. I don’t know what his last name was before, but my wife’s maiden name was Curcic.
[Heit’s] parents live in Kastel Stari. He lives in Dubai and I haven’t heard from him in a few moths. He doesn’t call me. We are not business-related in any way.
Karatbars International was founded in 2011. MisterHelmet, an “independent blogger” from Italy, cites Heit as a Karatbars International co-founder.
Founded in 2011 by the German, Harald Seiz, and co-founders Josip Heit, Alex Bodi (later jailed for organised crime) and Ovidiu Toma.
Sasa Svalina was also involved in Karatbars International, making an appearance in at least one marketing video with Heit.
Following a failed transition to MLM crypto fraud, Karatbars International collapsed in mid 2019.
The collapse saw Heit split from longtime business partner Harald Seiz. Jutarnji reports Heit set about establishing GSB shell companies in Kazakhstan in 2020.
It is stated that in 2020 GSB registered a new entity in the Republic of Kazakhstan, related to cryptocurrency trading.
There is no information about board members, income, but only eulogies about successes.
Today we know GSB as “GSB Group”. Heit would go on to launch GSPartners and multiple related companies through GSB Group.
By its own admission, GSPartners claims to have solicited a billion dollars in investment from “over 800,000 investors”.
Following an avalanche of regulatory fraud warnings from around the world, GSPartners collapsed in December 2023. The majority of GSPartners investors are believed to be North American residents.
As part of a settlement reached with US regulators earlier this month, that will see “GSB Group and Mr. Heit … consent to the entry of an enforcement order that concludes they illegally offered and/or sold securities”, US and Canadian investors are hoping to get their money back.
Pending further action, be it at the federal level in the US or civil and/or criminal fraud charges filed in other countries, funds invested by GSPartners participants outside of North America remain unaccounted for.
Автор: Мария Шарапова
