![]() Bloomberg: United Group to pay ousted founder €250 million
A BC Partners LLP-owned firm agreed to pay a disputed €250 million ($295 million) bonus to the ousted founder of United Group BV, according to a UK court order.
A firm owned by founder Dragan Šolak sued a BC Partners controlled firm in London alleging he was denied bonuses totaling €250 million that were promised on part sales of assets of the European telecoms and media firm, Bloomberg reports. The asset manager-owned firm and Šolak reached a deal for the payment of the sum, a UK court said in an order made public on Thursday. “The proceedings are stayed save for the purposes of enforcement of this consent order,” a London judge said in the signed court filing. The agreement to pay could signal a move to thaw a long-running feud between Šolak and the London-based asset manager after the sale of some assets. In July, a group of United executives wrote a letter to the board to voice their concerns for the dismissal of the Serbian founder and former Chief Executive Officer Viktoriya Boklag. Šolak also filed a lawsuit in the Netherlands for unfair dismissal after he was removed as an adviser to the board. A hearing is scheduled for October. “This represents a complete and final victory for our client in respect of the long overdue payment,” Simon Walsh, a lawyer representing Šolak’s firm in the London suit, said. When his board adviser contract wasn’t renewed in June, Šolak was told by the company that the bonus, linked to the sale of parts of the business for about €1.5 billion, would be paid, people familiar with the matter previously said. Šolak, who also owns English football club Southampton FC, started the company in his home town in Serbia in 2000 and, with the help of private equity funding, turned the enterprise into a firm with units in Greece, Bulgaria and most other Balkan countries. He was the chairman of the advisory board and was dismissed in June. In the last year, he tried to buy BC Partners out of the company but his offers have been rejected, Bloomberg previously reported. United hired former Royal KPN NV executive Stan Miller as chief executive officer and Libor Voncina as his deputy to replace Solak and Boklag. BC Partners will make the payments after deducting any taxes due to Luxembourg tax authorities, according to the court’s order. BC Partners declined to comment. RELATED
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