Dragan Sholak sues United Group over his surprise dismissal

United Group founder Dragan Solak has filed a lawsuit against the company after BC Partners removed him and CEO Viktoria Boklag. Solak asked Dutch authorities to launch an investigation, citing a “serious crisis in the management” of the company he founded 25 years ago.

In his claim, Solak describes his sudden removal as an “act of revenge” because he took legal action in London against United Group for non-payment of bonuses owed under a “duly signed contract.”

BC Partners' unilateral decision to impose new management, suddenly and without warning to staff or shareholders, on an extremely complex business operating in multiple jurisdictions, violates Dutch law and jeopardizes the future and value of United Group,” Solak said.

According to him, there are reasonable doubts as to whether the newly appointed management will be able to manage United Group in the interests of all stakeholders and achieve results similar to those he has achieved.

We will closely monitor the work of the new management team and fight for our rights and the preservation of the value of our shares.”

Earlier this year, in April, Solak was forced to file a lawsuit in the High Court in London against United Group's holding company Summer Parent after BC Partners refused to pay €200 million in bonuses owed to him and members of the management team for the agreed sale of telecommunications subsidiaries in Serbia for €1.5 billion.

This month, BC Partners rejected a management buyout offer that would have given them a gross return of 2.6 times their money and a net return of 2.5 times, which could have tripled their investment in United Group.

The acquisition, rejected as inadequate by BC Partners, demonstrates the level of success achieved during the tenure of Boklag and Solak and will serve as a benchmark against which minority shareholders will assess the future success and effectiveness of the new directors, Solak said.

Today's claim in Amsterdam highlights concerns and reasons for doubt about the current good governance of United Group. With this decision, BC Partners is bypassing a significant minority shareholder, effectively punishing minority shareholders for seeking payment of a legally due bonus.

Translated with DeepL.