They claim they are not close to the ruling SNS party and that their enormous profits are not the result of political connections. True or not, it is clear that Millennium Team – a company owned by businessmen Ivan Bošnjak and Stojan Vujko – has reached its business peak, reflected in record revenues achieved during 2025.
By December last year, the company’s account had received as much as €315 million, nearly 15 times more than a decade earlier. At present, it is engaged in three of the largest state projects, collectively worth more than €5 billion. When asked how they secured work on the construction of the National Stadium and Expo facilities, and how much revenue they generated from those projects, Millennium Team told Radar that they had signed subcontracting agreements and that the details of those contracts are a business secret.
Millennium Team is not best known as a company that files lawsuits – including criminal ones – against independent media and their journalists, although such actions are evidently quite frequent. A significant portion of the public that follows domestic political and economic developments has noted the company’s growth. According to Radar’s research, over the past five years, it has generated revenues of nearly €1 billion – more precisely, around €990 million. To that sum, one should add a further €196.5 million earned in the same period by its much younger subsidiary, Mostogradnja ing. However, these are only two companies within the Millennium empire of Stojan Vujko and Ivan Bošnjak, which comprises around twenty enterprises.
Millennium Team is certainly the most prominent among them. The company became known during the previous administration but flourished over the past decade. According to its recently published financial report for last year, it generated revenues of 36.9 billion dinars, or about €315 million, in 2025 – roughly €65 million more than the year before. At the same time, this is €218 million more than in 2021. Naturally, the difference is even greater compared with 2015. Reports from that year are not available on the Business Registers Agency website, but BIRN previously reported that the company earned a “modest” €21.6 million then – meaning revenues increased 14.6-fold by last year.
Such rapid growth has not been matched by most other private companies. This can be indirectly inferred from the fact that Millennium Team’s revenues over the past decade grew six times faster than the entire annual output of the economy and citizens combined. Serbia’s GDP officially rose by 138% in that period, from €37.22 billion to €88.67 billion, aided in part by the strengthening of the domestic currency. Had Serbia’s GDP grown at the same pace as the inflows into the company owned by Vujko and Bošnjak, it would have reached an astonishing €543 billion by 2025.
From the National Stadium and Expo to bridges, gas pipelines, and the “Clean Serbia” project
Both the numbers and the situation on the ground illustrate this. Millennium Team is one of the few companies currently involved in the largest state and municipal projects. It is building the National Stadium (worth around €1 billion), facilities for the specialised Expo 2027 exhibition (estimated at €2 billion), and is part of the “Clean Serbia” wastewater and sewage infrastructure project, valued at €2.8 billion excluding VAT. In none of these projects is it the main contractor; instead, it has been engaged by Chinese companies, reportedly PowerChina and China Road and Bridge Corporation.
The company is also involved in building a Centre for Early Childhood Development and Inclusion, a district heating pipeline between New Belgrade and Obrenovac, a gas distribution pipeline from Belgrade to Valjevo and Loznica, clearing unexploded ordnance, and constructing a new Sava bridge. Its subsidiary Mostogradnja ing. is involved in several of these projects as well. However, for the largest and most valuable ones, no tenders were held; contracts were arranged through other means.
Millennium Team’s response
When asked how they obtained contracts for projects such as the National Stadium, Expo facilities, Clean Serbia, and gas pipelines, Millennium Team stated that all agreements with business partners are concluded “in accordance with the laws and regulations of the Republic of Serbia.”
“For projects such as the Expo complex or the National Football Stadium, we signed commercial subcontracting agreements with the main contractor. Their decision to select Millennium Team as a partner did not surprise us, given our professional and technical capacities, experience, and references. Unfortunately, we cannot share details of these contracts with the media, as they are considered a business secret,” the company told Radar.
They emphasised that all projects are executed in accordance with Serbian regulations. “For projects financed from the budget where Millennium Team is the main contractor, contracts are awarded based on the best offer in public tenders issued by public authorities or local governments,” the company stated.
€30 million in subsidies
Millennium Team is not only a company that obtains work through subcontracting or public calls; its subsidiaries and affiliated firms also receive state subsidies.
In December last year, the Ministry of Economy approved €30,142,217 in incentives to Danube Riverside, a company owned by Millennium Team, for an investment project involving the construction and outfitting of the Ritz-Carlton Belgrade hotel. According to the contract, the investor must invest at least €150.7 million within two years.
The hotel is being built on the site of the former Yugoslavia Hotel, which Millennium Team acquired in March 2024 for around €27 million through the purchase of assets from a bankrupt company. By granting €30 million in subsidies, the state effectively gifted the company a prime construction location.
Additionally, among private enterprises set to receive a total of €200 million in subsidies this year is Millennium Resorts, also owned by Millennium Team. According to media reports, it owns a hotel in Vranjska Banja, which has received state incentives in previous years. A €10 million subsidy agreement was signed for the construction of a new hotel, with an obligation to invest €65.6 million. The current status of this project remains unknown.
Connections with Bajatović, Vučić, and Siniša Mali
During the previous government, Bošnjak and Vujko were considered businessmen close to the Socialist Party of Serbia (SPS), particularly Dušan Bajatović, director of Srbijagas, from which they received gas pipeline construction contracts – sometimes without tenders. They even appeared in several of Bajatović’s campaign advertisements.
With the rise of the Serbian Progressive Party (SNS), their position gradually improved. Although they claimed not to be close to the authorities, Bošnjak was photographed at an SNS convention in December 2021, and two years later, he distributed gift packages bearing the SNS logo to pensioners. In August 2021, photos emerged of Bošnjak celebrating with Aleksandar Vučić and his son Danilo.
In 2019, KRIK revealed that Predrag Mali, brother of Finance Minister Siniša Mali, had for years driven an Audi owned by KBV Datakom, a company co-owned by Bošnjak and Vujko. Bošnjak later stated in court that Predrag Mali was an employee of that company and used only a company vehicle assigned to him.
Bošnjak also declared himself a “proud member of SNS,” though without any official role. He denied any political ties influencing the company’s operations, stating that it has successfully operated for 22 years under various governments.
“A developed mechanism for hiding money in offshore zones”
Božo Drašković, a professor of ecological economics and former director of the Institute of Economic Sciences, told Radar that every government in Serbia has created an environment favouring certain companies that receive major state contracts, often without competition or tenders.
He described a mechanism involving interstate agreements that designate foreign contractors – often Chinese – thus bypassing international tenders. These contractors then secretly subcontract work to companies recommended by the authorities, with pre-arranged prices.
“This leads to construction costs being two or three times higher than normal market prices, benefiting companies linked to government structures,” Drašković said.
He added that such arrangements often involve financial obligations to support political parties or individuals, with large sums transferred abroad, often through offshore mechanisms.
Conclusion
Millennium Team’s owners would likely reject such claims, insisting they operate in full compliance with Serbian law. It is true that they hold subcontracting agreements on major projects awarded without tenders, and therefore without competition. It is also true that the costs of these projects, particularly the National Stadium, have significantly exceeded initial estimates.
How much Millennium Team has earned or will earn from these projects remains a business secret. However, financial reports indicate that the figures are substantial. The projects themselves are state-funded, worth billions, and arranged without open competition.
(Radar, 23.04.2026)
https://radar.nova.rs/ekonomija/milioneri-iz-milenijum-tima/