THEFT IN THE GUISE OF DEMOCRACY AND FIGHT FOR MEDIA FREEDOM: Šolak is the richest Serb, with €1.22 billion and three private jets

A calculating and avaricious tycoon, the owner of United Group has managed to stay out of the Serbian public's eye for years and conducted the bulk of his business under the radar. Kurir is the first to expose him.

The documents and findings obtained by the Kurir team indicate that Šolak's empire was built on a slew of speculative, cowboy-style, even cartel-like activities, and that it continues to grow. The number of companies in which this exceptionally ruthless businessman has open or hidden ownership shares is increasing by the day. The enormous value of his assets makes Šolak the first home-grown Euro billionaire. This native of Kragujevac made his fortune mostly by providing cable television services to the citizens of Serbia and the region. However, the question that remains unanswered is this: how much tax has Šolak paid to the Serbian state for the fortunes that he has made doing business in this country?

After months of investigation and running detailed checks of all the available official documents, the Kurir team have discovered that, in addition to a 34-percent ownership share in the umbrella company United Group, there are indications that Šolak had, or still has, a share in the ownership of over one hundred firms. A calculating and avaricious businessman, Šolak has managed to stay out of the Serbian public's eye for years. His extensive asset declaration, the business schemes in the 'grey area', a life of luxury, and political machinations have also stayed under the radar.

In addition to the ownership share in valuable high-profit companies supported by the European Bank for Reconstruction and Development (EBRD) and globally renowned speculative investment funds, Šolak is also the owner of a great deal of real and personal property, whose value stands at tens of millions of euros. Of the United Group owner's personal assets, the most prominent ones include a luxurious house on Lake Geneva, worth tens of millions of euros, luxurious passenger airplanes, and golf courses across the world (see sidebar).

Companies in Serbia

In Serbia, Šolak has an ownership share in the companies Techhill Plaza and Dansav Plaza, which are mostly in the business of buying and selling owned real estate, as well as the company Ali Invest, which is in the business of hiring out and managing owned or rented real estate.

On top of this, Šolak has a 33.78 percent share in 21 companies: United Group; Serbia Broadband – Srpske Kablovske Mreže (SBB); Pantić Electronic Cable Television; Netlogic; Direct Media, allegedly previously owned by Dragan Đilas; Shoppster d.o.o. Belgrade; Tako Lako Shop; Fusion Communications; Big Print; Direct Media Komunikacije; Media Point; Grand Slam Group; CAS Media; United Media Production; United Media Digital; Newsmax Adria; United Cloud; Absolut Solutions; Adria News; City Media Plus-Streaming Ex Yu, and the TV channel Ultra, which has gone into liquidation. Šolak has shares less than 30 percent in the companies Brainz (25.34 percent) and Fortuna E Sports (27.02 percent).

Offshore network

Hiding actual ownership and tax evasion are evidently a specialty of this manipulative businessman. Specifically, Šolak is the actual owner of multiple companies founded in offshore zones, which often figure as ultimate owners in a network of his companies and recipients of profits which are not taxed in Serbia. They include Gerrard Enterprises (The Isle of Man), Gerrard MIP (The Cayman Islands), and Gerrard Consultancy Service Limited (The British Virgin Islands). Indirectly, through Gerrard Enterprises, Šolak is the actual owner of the companies Gerrard Aircraft (Austria), Gerrard Aircraft Two (Austria), Gerrard Estate Holdings (The Isle of Man), Gerrard Investments (The Isle of Man), Eligo Bled (Slovenia), Kraljevski Bled Golf Klub (Slovenia), Hiša Plus (Slovenia), and Hiša Plus (Serbia).

Indirectly, Dragan Šolak has 62-70 percent majority ownership shares in the following companies: Summer Parent (Luxembourg); EECF Istra (Luxembourg); Istra Cement (The Netherlands); Hotel Valkane (Croatia); MAX City (Croatia); Valbonaša Centar (Croatia); Kamp Banjole (Croatia); Istra VAL MAX Nekretnine (Croatia); and Golf Klub Sava (Serbia).

In euros, the total value of United Group's assets stands at 3.28 billion. According to the official financial statement of the company for the first half of last year, the Group completed over 100 acquisitions in the last 20 years, making a profit of as much as 793 million euros in the last year. According to the same document, the co-owners, with varying share percentages, include the funds BC Partners, Kohlberg Kravis Roberts & Co (KKR), EBRD, as well as the management, with Šolak in the lead. His share in Summer Parent (Luxembourg), United Group's controlling company, is 34 percent. Following from this, the value of Šolak's assets related to United Group stands at slightly over 1.11 billion euros.

Millions for a hobby

Šolak has high-value assets in Slovenia as well, where he purchased very valuable golf courses to develop a hobby of his. Specifically, Šolak's share in the Slovenian company Eligo Bled is 18.59 million, in Kraljevski Bled Golf Klub 1.1 million, in Hiša Plus 5.9 million, and three million euros in a company with the same name, registered in Serbia. United Group's owner also has Golf Klub Sava in Serbia, whose nominal account value stands at only 19,677 euros, of which 13,774 euros belongs to Šolak. United Group's owner also has golf courses of unknown value in Moravske Toplice and Belgrade.

And while on paper it is perfectly clear that Dragan Šolak has the honour of being the first Serbian Euro billionaire, the one thing that cannot be traced, and which neither Šolak nor his United Group is willing to address, is a clear explanation as to where the taxes on the profits made so far have been paid.

Kurir.rs/ Redakcija Kurira Foto: screenshot