🔴 Situation Room | United Group (BC Partners) — Balkan Governance Crisis: Hidden Risks

September 16, 2025

At the heart of a key telecom and media conglomerate in Southeast Europe, a storm is shaking the economic and geopolitical balance of the Balkans.

Trigger (June 2025): Sudden ousting of founder Dragan Šolak and former CEO Viktoriya Boklag. BC Partners installs a London duo (Stan Miller, Libor Vončina) to deleverage a €6bn group.

Early Signals (July 2025): Eight operations directors — representing 90% of cash flow — denounce opaque governance centralized in London and disconnected from local realities. Internal rebellion fractures the structure.

Escalation (August 2025): A leaked audio captures Miller in talks with Vladimir Lučić (Telekom Srbija), close to the Vučić regime, about sidelining Aleksandra Subotić, head of United Media and symbol of editorial independence. Political pressure, NGO backlash, and Brussels alarm bells follow.

Shockwave (September 2025): A new internal letter demands Miller’s suspension. Loyalties split, credibility erodes, deals stall. In the background, a €200m lawsuit filed by Šolak against BC Partners fuels instability.

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HUMINT Reading: Beyond the Numbers

BC Partners: Fast-track financial strategy, but underestimation of Balkan dynamics → hybrid backlash (political, legal, media). Stan Miller: PE enforcer, blunt approach, risky alliances with state-linked actors. Dragan Šolak: Charismatic founder, strong local networks, still in the shadows. Aleksandra Subotić: Barometer of Serbian media freedom, backed by EU and NGOs. Telekom Srbija: Proxy of the regime, exposing the entanglement of business and politics.

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Strategic Stakes

Beyond a managerial conflict, this is a power struggle over a critical asset: telecom infrastructure, media influence, digital sovereignty.

BC Partners risks turning a tactical win (deleveraging) into a strategic defeat (reputation, regulation, contagion).

Lesson for European boards: In hybrid markets like the Balkans, imported governance without local anchoring or ethical guardrails exposes companies to systemic risks.

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