HOW ŠOLAK BECAME THE RICHEST SERB: The grand finale – United Group owner's wealth over EUR 1.45 billion

In a special series, Kurir reveals how exactly this controversial billionaire fulfilled his 'American dream' in the murky waters of the Balkan transition

Both business and pleasure

The documents and information that the Kurir team has obtained reveal that Šolak's empire was built on numerous speculative, Wild West-style, even cartel-like actions, as well as that it keeps growing. The number of companies in which the controversial Serbian billionaire has an open or hidden ownership stake is increasing by the day. The tremendous value of his assets makes Šolak the first domestic euro-billionaire. This native of Kragujevac made his fortune mostly by providing cable TV services to the people of Serbia and the region. However, the question that has so far remained unanswered is this: How much tax has Šolak paid to the Serbian authorities on the wealth he has amassed doing business in our country?

During the investigation over several months and the detailed checks of all the available official documents, the Kurir team has discovered that, in addition to a 41-percent stake in the umbrella company United Group, there is evidence to suggest that Šolak has, or has had, stakes in over 100 companies. On top of the stakes in valuable high-profit companies, supported by the European Bank for Reconstruction and Development (EBRD) and globally known speculative investment funds, Šolak also owns a great deal of movable and immovable property, estimated at several tens of millions of euros. Standing out in the pool of United Group owner's personal wealth are a luxurious house overlooking Lake Geneva, estimated at tens of millions of euros, luxurious passenger airplanes, and golf courses dotted around the world.

Companies in Serbia

In Serbia, Šolak is the actual owner of stakes in Techhill Plaza and DanSav Plaza, companies largely involved in buying and selling their own real estate, as well as Ali Invest, a company that rents out and manages their own or rented real estate.

In addition, he has a 41-percent stake in 21 companies: United Group, Serbia Broadband (SBB), Pantić Electronic Cable Television, Netlogic, Direct Media (allegedly formerly owned by Dragan Đilas), Shoppster d.o.o. Beograd, 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 TV channel Ultra (in liquidation). Šolak has a less-than-31-percent stake in Brainz (25.34 percent) and Fortuna E Sports (27.02 percent).

Widespread offshore network

Hiding actual ownership and tax evasion are evidently this manipulative businessman's specialty: Šolak is the actual owner of multiple companies founded in tax havens, which most often feature as ultimate owners in the network of his companies, with revenues that are non-taxable in Serbia. Among them are Gerrard Enterprises (Isle of Man), Gerrard MIP (The Cayman Islands) and Gerrard Consultancy Service Limited (The British Virgin Islands). Indirectly, via Gerrard Enterprises, Šolak is the actual owner of Gerrard Aircraft (Austria), Gerrard Aircraft Two (Austria), Gerrard Estate Holdings (Isle of Man), Gerrard Investments (Isle of Man), Eligo Bled (Slovenia), Kraljevski Bled Golf Klub (Slovenia), Hiša Plus (Slovenia), and Hiša Plus (Serbia).

Dragan Šolak indirectly has majority ownership stakes in the following companies: Summer Parent (Luxembourg), EECF Istra (Luxembourg), Istra Cement (The Netherlands), Hotel Valkane (Croatia), MAX City (Croatia), The Valbonaša Centre (Croatia), Kamp Banjole (Croatia), Istra VAL MAX Nekretnine (Croatia), Golf Klub Sava (Serbia), etc.

In euros, the total value of the entire United Group stands at EUR 3.28 billion. According to the official 2020 company financial statement, the Group has completed over 100 acquisitions in the past 20 years and notched a revenue of a staggering 793 million euros last year. According to the same document, its ownership structure features different-percentage stakes held by investment firms BC Partners and Kohlberg Kravis Roberts & Co (KKR) – the latter of which has in the meantime sold its stake to Šolak – the EBRD, and the management, with Dragan Šolak at the forefront. Following the purchase of KKR's stake, Šolak's stake in Summer Parent (Luxembourg), United Group's controlling company, rose from 34 to 41 percent. As a result, Šolak's United Group assets are worth a tad over 1.34 billion euros.

Millions for a hobby

Šolak has very valuable assets in Slovenia as well, where he purchased high-value golf courses for the purposes of developing his hobby. For example, Šolak's stake in Slovenian company Eligo Bled stands at 18.59 million, in Kraljevski Bled Golf Klub at 1.1 million, in Hiša Plus at 5.9 million, and in the company with the same name, registered in Serbia, at 3 million euros. United Group's owner also has Golf Klub Sava in Serbia, whose actual value is far above the nominal accounting one, which stands at a mere 19,677 euros, of which 13,774 euros are Šolak's. United Group's owner has golf courses of unknown value in Moravske Toplice and Belgrade.

Riches in the air

Like globally known billionaires steeped in luxury, Šolak also owns several airplanes. He personally owns two Falcons: Dassault Falcon 2000LX, registration number YU-FSS, valued at 35 million euros, and Dassault Falcon F-900XL, registration number T7-DGS, valued at 45 million euros. Šolak also has a Cessna 560XL Citation XLS, registration number YU-SPC, valued at 7.2 million euros. Gerrard Enterprises used its 100-percent stake in Gerrard Aircraft from Austria to secure a USD 8.5 million Apple Bank for Savings loan in order to finance the purchase of this plane.

END OF SERIES