How much is Dodik's sanctioned business empire worth?

NEWS 19.06.202413:07 0 komentara
REUTERS/Anton Vaganov/Pool

The United States expanded the OFAC sanctions list yesterday by adding seven companies connected to the family of MIlorad Dodik, the President of Republika Srpska. These seven companies generated an astonishing 143,782,377 BAM in revenue and posted a profit of 31,992,292 BAM last year alone. Pročitaj više

Among the seven sanctioned companies, the “golden goose” and the most valuable is Prointer ITSS. This company is known as the “favorite of public procurement.” Last year, it reported a revenue of 79,967,153 BAM, and Company Wall recorded a staggering profit of 25,528,240 BAM. These figures were achieved despite the challenges faced due to sanctions on Milorad Dodik and his family. Notably, global giants like Microsoft, IBM, and SAP have canceled their cooperation with Prointer.

According to the company's official website, founded in 2015, it “has become a leader in digital transformation in Bosnia and Herzegovina, offering innovative IT solutions to clients and working with them to achieve optimal business results.”

The second most valuable company is Kaldera Company, founded in 1991, which operates as a manufacturing and service enterprise in the power sector. Last year, Kaldera generated a revenue of 30,524,901 BAM and a net profit of 2,253,417 BAM.

For years, the media have written about the connections between the company Sirius 2010 and members of Milorad Dodik's family. Reports indicated that this company is the founder of Zekstra, one of the two largest shareholders of the Boska department store in downtown Banja Luka.

In 2017, Sirius 2010 came under public scrutiny when it was revealed that the Tax Administration of Republika Srpska had paid the company 10.1 million BAM for an integrated information system. Notably, Sirius 2010 did not even have a website at the time.

Last year, Sirius 2010 reported a revenue of 17,718,313 BAM and a net profit of 2,171,109 BAM.

These companies are interlinked and are primarily owned by Infinity International Group, the parent group employing 20 people, according to Company Wall. Last year, this group achieved a revenue of 4,728,012 BAM and a net profit of 2,039,526 BAM.

Part of the group is Infinity Media, which owns two sanctioned media houses. This company had a revenue of 1,273,677 BAM but recorded a total business loss of 13,226 BAM.

The attempt to avoid sanctions by re-registering Alternative Television from Banja Luka under the new entity K-2 Audio Services also failed. K-2 is on the sanctions list as well. According to Company Wall, K-2's account is blocked, and the company reported a revenue of only 6,000 BAM.

The newest media house linked to Dodik's ownership is Una Televizija, operating under Una World Network, broadcasting in Serbia and Bosnia and Herzegovina. Last year, the company reported no profit and recorded a business loss of 99,539 BAM despite generating a revenue of 796,056 BAM.

As an immediate consequence, companies sanctioned by the United States can expect their accounts to be closed soon. According to Capital.ba, Prointer ITSS has the most accounts, with 30, followed by Kaldera Company with 17, Sirius 2010 with 13 accounts, K-2 Audio Company and Una World with seven each, and Infinity International with five accounts.

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