Šolak had been defrauding his business partners for years:How an extensive network for siphoning money from the joint company operated
Uncovering the true nature of Dragan Šolak and his business dealings within United Group was undoubtedly a demanding, yet immensely important investigation by Kurir — primarily due to the scale, influence, and power of this mechanism for destroying competition and the damage it caused to the economic fabric of Serbia and every country where it took root.
Behind an extremely complex model lies the essence of Šolak’s unscrupulous business philosophy: the internal structure of United Group was designed to keep control in the hands of a narrow circle of people, regardless of formal ownership. At the same time, this business order was wrapped in a false ideology of protecting democratic values, nurturing the European spirit, and, above all, defending freedom of speech — all of which was meant to give Šolak the halo of a righteous man in an unjust Serbia. It has turned out, however, that everything was a lie, just as Kurir had been warning for years, and that profit is the only deity he worships.
After decades of Šolak’s destructive activity, it has all finally come to an end. It is now perfectly clear to everyone that the founder of United Group built a business network interwoven with non-transparent, suspicious, and in many respects problematic relationships, which Šolak deliberately installed in order to earn more for himself under the guise of his company and to the detriment of other owners and partners.
What Kurir had persistently and consistently warned about has proven to be true: the entire business model of United Group, as conceived by Šolak, was primarily driven by his personal profit. Such business conduct had nothing to do with media freedom, behind which he hid and protected himself for decades. After his dismissal and the reaction of the majority owner, who first sought to establish and then repair the damage, the entire array of associates he had used to siphon money from the company came to light.
We had pointed out all of them in due time. Aleksandra Subotić, the former director of United Media and Šolak’s long-time associate, played a central role in that operation, which, like all his other ventures, relied on an extensive offshore network. Only after the sale of SBB and the arrival of a new management team did it become entirely clear that Aleksandra Subotić, through companies registered in Malta and Panama, had been transferring funds from United Group into private funds and private accounts, thereby concealing the trail of real transactions
Kurir also wrote in detail about the role of Vladislav Ratajac, who until recently had been United Group’s key manager for mergers and acquisitions. The information we obtained indicates that Ratajac’s power and ability to satisfy Šolak’s appetites lay in his close relationship with Slaven Moravčević, managing partner of the Serbian branch of Schoenherr, the law firm which, as United Group’s long-standing partner and main legal adviser, had been generating lucrative revenues from deals worth billions of euros.
The case of the dismissed director of United Group, Bojana Mijailović, not only confirms Šolak’s modus operandi but also reveals new tentacles Šolak had within the state apparatus. Namely, she held a senior position in United Group while her husband, Nenad Mijailović, was a high-ranking official at Serbia’s Ministry of Finance, responsible for agencies overseeing United Group’s operations (the tax administration, anti–money laundering, etc.).
Through a series of reports, we have shown how all of Šolak’s maneuvers served to prevent United Group’s shareholders (KKR, BC Partners) from being informed — either promptly or truthfully — about certain business moves, such as the prearranged purchase of Direct Media via intermediaries, at an inflated price, which enabled United Group to effectively pay Dragan Đilas (the seller) an amount well above market value for Šolak’s personal benefit. But that was just one among many such deals we have reported on.
Recently, we also uncovered the real background of Šolak’s split with BC Partners, with a particularly interesting detail concerning a bonus of as much as 250 million euros that Šolak demanded from the majority owners following the sale of SBB. The false image of Šolak as a protector and guarantor of media freedom has been shattered to pieces, especially after the new management revealed that Šolak had been ready, in January 2025, to shut down Nova S and N1 for 120 million euros.
In light of the current management crisis within United Group, all of this has evidently led to conflicts, dubious authorizations, and hidden deals that violate the basic principles of corporate governance and legal ethics. Godparental, friendly, marital, and familial ties created “blind spots” in oversight, while offshore structures enabled asset relocation and potential tax evasion. When all this is considered, there is no mystery as to how Šolak’s bank account and business empire grew so enormously.
Kurir Editorial Team
