Where Radončić's wealth in Montenegro comes from

Fahrudin Radončić, a political leader and media magnate from Sarajevo, acquired real estate and shares in companies worth more than 11 million KM (5.5 million euros) in two years in Montenegro, the Center for Investigative Journalism (CIN) reports.

Four luxury apartments in the Porto Montenegro marina in Tivat and shares in Montenegrin Telecom cost him so much. However, as CIN journalists write, the money from the sale of Avaz Roto Press to his ex-wife did not arrive in Fahrudin Radončić's accounts to such an extent that he could invest millions of dollars in Montenegro.

Two and a half years before investing in Montenegro, Fahrudin Radončić, a politician and media magnate, formally transferred his media empire to his wife Azra, whom he divorced after nearly two decades of marriage. The assets were divided between the couple, after which Radoncic sold Avaz Roto Press to his ex-wife for 200 million KM (100 million euros). "There are a number of economic indicators that show that this contract is untenable. In the course of our research, we were able to show that this contract was not executed within the agreed period of three years, meaning that Mr. Radoncic was not able to get even five percent of the agreed price. Nevertheless, he managed to withdraw the money he needed to invest in Montenegro," says journalist Azhar Kalamui of the Center for Investigative Journalism, who worked on this research material.

After the 2014 elections in Bosnia and Herzegovina, Fahrudin Radončić started buying luxury real estate in the Porto Montenegro marina in Tivat and shares in Montenegrin Telecom. The properties cost several million KM, and maintaining one of the apartments in this trendy resort costs 3,000 KM (1,500 euros) per month. Radončić bought his first apartment in Teuta Residence, one of the most luxurious residential buildings in "Porto Montenegro", where some of the world's famous billionaires, such as Canadian billionaire Peter Munk or Briton Simon Murray, own real estate.

Media empire owner Fahrudin Radoncic? Radoncic on trial against Kelmedi A 96-square-meter apartment with a 13-square-meter garage Radoncic paid KM 1.33 million, according to the Center for Investigative Journalism (CIN). At the end of February the following year, he gave the property to his son Ihled, and a few days later, in early March, he bought a new apartment in the neighboring residence Xenia, for which Radoncic spent almost 2.1 million KM (1.05 million euros).

How Fahrudin Radoncic was able to get about 8.5 million KM (4.25 million euros) from Avaz, he borrowed money from banks to buyreal estate. "He got part of the money by borrowing from Montenegrin banks. It is not known to me from where he paid the loans from the Montenegrin bank. We are talking about 4.2 million KM (2.1 million euros). That's how much one piece of real estate is worth. We are talking about an exquisite apartment of 351 square meters.

The managers of the Porto Montenegro marina (pictured) in Boko Kotor Bay keep information about the owners of the apartments and yachts secret Owner Nathaniel Rothschild, a prominent member of the most famous banking family in the world, secured the loan Radončić obtained from Hypotekarno Bank in Podgorica. However, the bank withdrew the collateral more than a year after the loan expired, with the explanation that Radončić had paid all the overdue installments. It is unclear from what sources he repaid this loan. Of the details of how the lien on this luxury apartment was removed and many other details, CIN journalist Azhar Kalamoui tried to find out from Fakhrudin Radoncic, but he did not want to talk to this media.

Radončić continued to buyreal estate and bought the company PM 1.25 for one euro, which was previously owned by Adriatic Marinas, the company that manages the Porto Montenegro port. Fahrudin Radončić is considered by many to be the most influential media tycoon in Bosnia and Herzegovina. He founded a political party, the Union for a Better Future, and in 2010 he claimed to have built the tallest building in Bosnia and Herzegovina. He came to Bosnia and Herzegovina from his native Montenegro in 1991, and his business success can be described as typical of a Balkan taikun. Ivana Korajlic of Transparency International says that in Bosnia and Herzegovina there are taikuns involved in politics and directly influencing political processes, so the example of Fahrudin Radoncic is not the only one. "After the collapse of the former country and during the war, military exploitation and after the war, they used the complete destruction of the system, the lack of institutions to get rich illegally without being held accountable, without showing the origin of the property and without paying taxes. We have many cases of taikuns becoming politicians. In other countries, it is about the influence of taikuns in politics, we have taikuns in politics. Because of this, any attempt to put an end to it fails from the very beginning because of the influence of the taikuns on decision-making," says Korajlić.

The Center for Investigative Journalism, in researching this material, found that Fahrudin Radoncic, although no longer formally the owner of the media, and his ex-wife, in fact, still influenced the media, Avaz and other media companies as a consultant. At the time, he had already served as a minister and then as a delegate to parliament, and in doing so, he avoided conflicts of interest.