United Group founder Dragan Šolak today asked the Chamber of Commerce of the Court of Appeal in Amsterdam to launch an investigation into a "serious management crisis" in the company he founded 25 years ago, his office announced, reports N1.
As added in the statement, in the lawsuit against United Group, Šolak states that he and CEO Viktorija Boklag were suddenly dismissed last week as an act of "revenge" for previously initiated legal proceedings in London against the United Group holding company for failure to pay bonuses under a duly signed contract.
The decision of BC Partners, a London-based private equity fund and majority owner of the holding company United Group, to unilaterally and without prior notice dismiss Šolak and Boklag constitutes a violation of the principles of corporate governance under Dutch law and has immediate and long-term negative consequences for the sustainability and governance of United Group and all stakeholders, the office said in a statement.
As it is pointed out, Šolak and Boklag, who are significant minority shareholders, were fired on June 16, 2025 after 25 years of transforming United Group from a small cable company in Serbia into the largest media and telecommunications operator in Southeast Europe with annual revenues of three billion euros.
Earlier this year, in April, Šolak was forced to initiate legal proceedings at the High Court in London against the holding company United Group - Summer Parent, after BC Partners refused to pay a €200 million obligation to him and members of the management team based on bonuses for the sale of telecom subsidiaries in Serbia at an agreed price of €1,5 billion.
BC Partners, according to Šolak's office, this month rejected management's offer to buy out BC Partners' stake - which would have given BC Partners 2,6 times the gross and 2,5 times the net return on invested money, and with possible additional payouts - this would have allowed them to triple their investment in United Group.
"The value from the management buyout offer, which BC Partners rejected as insufficient, is testament to the great success achieved during the tenure of Ms. Boklag and Mr. Šolak and will serve as a benchmark against which they, as minority shareholders, will assess the future success and effectiveness of the new management of United Group," the statement said.
Today's lawsuit in Amsterdam indicates serious concerns and reasons for suspicion about the current management of United Group, according to Šolak's office.
With this decision, they add, BC Partners bypasses a significant minority shareholder, "effectively punishing minority shareholders for demanding payment of a bonus that was legally due."
According to the office, United Group and Summer Parent are also "unjustifiably delaying the previously agreed dividend payment, which was due shortly after the closing of the sale of United Group's telecom business in Serbia on April 2, 2025." "As of that date, more than 1,1 billion euros in cash has been sitting idle in United Group's accounts," they say.
The investigation procedure initiated by the Dutch Chamber of Commerce has been requested to appoint an investigator to investigate all relevant issues related to the operations of United Group. In addition, a request for urgent measures has been filed. If approved, this request could "freeze" the current situation regarding the changes in the management of United Group, the statement said.
"BC Partners' unilateral decision to impose new management, suddenly and without prior notice to employees and shareholders, in a very complex group operating in multiple jurisdictions, constitutes a violation of Dutch law and threatens the future and value of United Group," said Šolak.
"We doubt that the newly appointed management will be capable of leading United Group in the interests of all stakeholders and achieving results similar to ours. We will closely monitor the performance of the new management team and will fight for our rights and the preservation of the value of our capital."
Since BC Partners acquired a majority stake in the company in 2019, United Group's management team has achieved exceptional results and outstanding performance, quadrupling the size of the company to revenues of €3 billion.
BC Partners' behavior shows complete disregard for the achievements and rights of the management team, which owns more than 42% of the company's ownership.
"Their treatment of United Group sends a clear message to the financial markets, the investment community and entrepreneurial founders around the world that BC Partners is prepared to use all means possible to remove the founding partner and risk everything for the sake of even greater profits," he added.
"Our offer to buy out BC Partners' stake, which was rejected by BC Partners, and which would have allowed them to triple their investment in United Group, is a testament to our success so far and will be a benchmark for assessing the future results of the new management in creating value for shareholders," said Šolak.
Highlighting the successes of United Group since its founding in 2000, Šolak stated that he built United Group from the ground up.
"Together with Viktoria and our team, we have developed a business group that today generates billions of euros in revenue, provides complete telecom and media services to millions of users in multiple countries, and employs more than 13.000 people.
It is a unique telecom and media ecosystem, based on unique solutions and systems. We have managed to attract outstanding experts from the region and abroad to form a company that innovates and creates exceptional solutions, products and brands using the group's strength for efficiency and cost optimization.
Combined with impeccable local delivery by great directors in individual markets, United Group has been able to successfully compete with many significantly larger groups and outperform them in many markets.
"United Group stated last week in its announcement of our replacement that the new leadership would bring a new strategic orientation of the company towards the EU. And Viktorija and I have already delivered on that strategy, transforming the company from a small cable company in Serbia into the largest telecom operator in Southeast Europe, which today generates more than 90% of its revenue in the EU," said Šolak.
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