Who is Millennium Team, the new owner of Jugoslavija Hotel?

A few days ago, at the auction sale of the property of the bankrupt company River Danube, the Millennium Team Company bought a land plot and the Jugoslavija Hotel for 27 million euros.

Two years ago, Millennium Team bought the MV Investment Company for 15 million euros, which was the owner of the area where the Grand Casino is located.  Following the purchase, the company plans to invest 400 million euros in building a commercial-residential complex at this exclusive location.

This construction company, founded in 2003, has thus become one of the largest and most influential companies in Serbia, at least as far as the construction sector is concerned. However, if we look at the portfolio of this company, in the vast majority of deals, the Serbian government is its main client.

The company owners, Ivan Bošnjak and Stojan Vujko, are said to be quite close to the Serbian Progressive Party (SNS). The KRIK investigative website revealed that Predrag Mali, the brother of the current Finance Minister, Sinisa Mali, drove an Audi owned by Millennium Team and that the company gave him an apartment to use.

Three of their companies – Millennium Team, Goša Institute and KBV Datakom – were given 17 projects from the state worth at least 1.43 billion dinars, or about 12 million euros, reports KRIK. Millennium Team reportedly was assigned some of them in a consortium with other companies, and others on their own. They were often the only bidders, that is, the only company that had submitted a bid for the execution of state-funded works.

In Croatia, Millennium Team does business via their branch Millennium Adria, while in Montenegro and Bosnia and Herzegovina, they operate as Millennium Team.

The first time Millennium Team was mentioned in the media was in 2007, in connection with gas system installation across Serbia. They were given several state deals and as a result, now boast building 2,500 kilometres of gas pipelines, including TurkStream and South Stream. In addition to gas pipelines, the company built and is building a large number of buildings in Belgrade Waterfront, the Expo 2027 facilities, the national stadium, the subway depot at Makis, the Kragujevac Data Centre, wastewater treatment plants under the auspices of the Clean Serbia programme and other state-funded facilities.

Millennium Team or their owners have stakes in more than 10 other companies, including Millennium Properties and Roberts Millennium, a joint venture founded with the Roberts construction company, involved in the construction of Belgrade Waterfront buildings.

In 2022, Millennium Team generated a net profit of one billion dinars, similar to 2021. Their operating income was 16.1 billion dinars, 5 billion more than in 2021.

Consolidated net profit amounted to 709 million dinars in 2022, with revenues exceeding 20 billion dinars.

In 2022, the company’s total assets stood at 30 billion dinars, of which 16.5 billion were fixed assets. The bulk of this is made up of long-term financial debts and claims, as much as 14 billion dinars.

In 2022 alone, the company’s total assets increased from 22 to 30 billion dinars, or by 36 percent.

(Danas, KRIK, 25.03.2024)


This post is also available in: Italiano

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