AAFS Infrastructure and Energy, a company co-founded by Jesse Binnall, a former Trump attorney, and Joseph Flynn, brother of Michael Flynn, is pursuing a significant $1.8 billion infrastructure investment in Bosnia. This substantial plan, which initially involved €1.5 billion, encompasses the development of airports, gas power plants, and a crucial gas pipeline. The company's leaders were involved in former President Trump’s efforts to challenge the 2020 election results.
The core of this investment is the "Southern Interconnection" pipeline project, valued at approximately $1.5 billion. This pipeline aims to connect Bosnia to Croatia's liquefied natural gas (LNG) terminal on the island of Krk, thereby reducing Bosnia's dependence on Russian gas. Bosnian Prime Minister Borjana Kristo has lauded the deal, signed with Croatian Prime Minister Andrej Plenkovic, as a "major step forward" for energy security and supply diversification. However, the European Union has expressed concerns, warning that the lack of transparency surrounding the project could jeopardize Bosnia's EU accession bid and put over $1 billion in aid at risk.
AAFS Infrastructure and Energy, which began as a local Bosnian entity founded by Amer Bekan in 2021, became a US holding company in November 2025 under the Binnall Law Group, with Binnall and Flynn as partners. Despite its relatively recent establishment and lack of prior infrastructure development experience, AAFS was named the primary concessionaire for the Southern Interconnection without a competitive tender process. This has drawn criticism from organizations like Transparency International, which called the move a "dangerous precedent" that undermines public interest. AAFS is also eyeing 30-year concessions for Sarajevo International Airport and Mostar Airport, with an option to extend the Sarajevo concession by another 20 years.
The company's operations have been described as opaque, with AAFS not publicly disclosing all of its shareholders, financing sources, or the engineering, construction, and operating partners for the projects. While Binnall and Flynn are acknowledged owners, other shareholders remain unnamed. The lack of transparency has led to questions about who will perform the work and how much value AAFS will derive from the project, which ultimately puts a relatively new company, formed in Wyoming less than five months prior to key approvals, at the center of Bosnia's strategic energy infrastructure.
This initiative has placed Bosnia's energy sector at the forefront of geopolitical discussions, with the U.S. backing the pipeline to introduce American LNG, while simultaneously raising significant concerns about conflicts of interest and the overall transparency of the deal.
