Suspicious jobs by Nedim Uzunovic costed Bosnalijek and FBiH 36 million KM
– The Prosecution should launch an investigation because the FBiH budget has been damaged as well
– The dubious sale of the debt will cost Bosnalijek’s shareholders millions of KM
– The management siphoned funds from Bosnalijek and then bought shares
Pharmaceutical Company Bosanlijek and its shareholders have been damaged by more than 36 million KM due to suspicious agreements signed by Director Nedim Uzunovic without knowledge of the Supervisory Board of the company, reports CAPITAL.
In addition to the company, the Federation of BiH, which until October 2016 owned 19.95% stake in Bosnalijek, was directly damaged.
The documents held by CAPITAL show that in 2015-2016 Bosnalijek’s executives engaged agents to collect receivables of the company and payed them a huge fee. In one case it even called in question recovery of the whole claim. Namely, Bosnalijek recently lost 11.5 million euros in the court trial launched against the Russian company Imperia Sodruzhestvo in order to recover the debt. In the next days, verdict is expected in another dispute which Bosnalijek leads against the same company for collecting the debt of five million euros.
The source of CAPITAL says that it is very likely that Bosnalijek will lose this case as well.
“This means that the total loss of Bosnalijek, due to director’s dubious decisions, could reach 16.5 million euros. When adding to it the amount of 2.2 million euros, as much as Bosnalijek paid to Maksimus Holding in 2015, for assistance in collecting receivables, the total loss of the company and its shareholders will be 18.7 million euros, i.e. more than 36 million KM, and yet nobody is held responsible”, says our source.
Earlier CAPITAL has published a number of documents which made evident that the current director of Bosanlijek had made harmful decisions for this company, all with the goal of withdrawing money from Bosanlijek, this money was used to buy the shares of this pharmaceutical company.
The hank started to unwind after the court case in Russia had been lost
The hank began to unwind after the Russian office of Bosnalijek had lost a case against the company Imperia Sodruzhestvo, while trying to collect 11.5 million euros of debts.
In 2016, the Russian office of Bosnalijek launched two litigations against this firm in the amount of 11.5 and 5 million euros, and the first verdict of the arbitral court in St. Petersburg was negative for Bosnalijek.
As stated by our interlocutors, this decision was expected considering that during the court process it had been confirmed that the management of Bosnalijek had sold Imperia Sodruzhestvo’s receivables to the Slovenian company Maksimus Holding. A few months later Maksimus Holding transferred complete debt to the Russian company International Agency Next-Concert.
Now Bosnalijek can only try to collect its debt from Maksimus Holding, which is not a simple task considering that, according to our information, that company does not have assets or active bank guarantees.
The problem with these deals according to CAPITAL’s interlocutors, besides the fact that the debt was sold to a company that does not have assets, is that the decision wasn’t approved by the Supervisory Board of Bosnalijek, that is, it was taken by the executives headed by Uzunovic.
Bosnalijek’s money siphoned through Maksimus Holding
However, this contract with Maksimus Holding was preceded by even more dubious jobs. From the documentation that is also in our possession, it is evident that Bosnalijek had a contract with Maksimus even back in 2015. The subject of that contract was to collect the debt of ten million euros from another Russian company Grama. Bosnalijek paid to Maksimus for its mediation almost a quarter of these claims, i.e. 2.2 million euros.
In the background of the complete deal, there is a well-designed plan: Bosnalijek pays 2.2 million euros, and with that money Uzunovic and his partners later buy shares of Bosnalijek and become its co-owners.
To cover up the traces Maksimus made fictitious contracts of less value with several companies owned by people who wanted to take over the shares of this pharmaceutical company. The aim was to “spread” 2.2 million euros received from Bosnalijek into a smaller amounts between companies registered abroad to make it harder to trace.
Thus, the documents prove, that out of 2.2 million euros siphoned from Bosnalijek through Maksimus Holding, 300,000 euros were transferred to the German company 4Ever Youth UG. From December 18, 2015 to March 10, 2016, four transactions were recorded: three times of 75,000 euros and one of 76,050 euros.
The basis of this payment was the agreement according to which 4Ever Youth UG assisted Maksimus Holding in establishing contacts with clients of Bosnalijek, preparation and processing documentation related to the debt of Grama.
Most of the money that Maksimus charged from Bosnalijek ended up with Uzunovic’s partners
Director of the company chosen to give an assistance to Maksimus, Slobodan Puric, is a longtime business partner of Bosnalijek’s director, Nedim Uzunovic. It proves that the choice of the company was not done accidentally.
However, this is not the end of the story. A Swiss lawyer Salomon J. Augapfel, who later became the shareholder of Bosnalijek, in July 2016 received 150,000 CHF from Maksimus Holding for legal and commercial consulting on international investment.
Just a week after that payment, Maksimus Holding signed a fiduciary agreement with the Swiss company Inwestfinanzierung AG related with investments of one million euros. The agreement was upgraded with an annex on September 7, 2016, according to which the Swiss company GEHU Beteiligungen AG received that money.
Particularly interesting is the fact that on the same day, September 7, lawyer and commercial advisor Augapfel founded the company Felicertes Commerse AG, which in January, 2017 became the owner of 1.7% of Bosnalijek shares.
“There are serious grounds to suppose that Augapfel’s Felicertes Commerce AG bought Bosnalijek’s shares with the money that had been withdrawn from this pharmaceutical company through Maksimus Holding. The decision on recapitalization of Bosnalijek was taken by the Supervisory Board on December 27, 2016 on the initiative of Nedim Uzunovic and Edin Dizdar. The largest shareholder of Bosnalijek, Haden SA, considered this decision as illegal, and now this dispute is being resolved at the Cantonal Court in Sarajevo”, the source of CAPITAL said earlier.
On July 18, CAPITAL’s editorial staff sent questions to the director of Bosnalijek about suspicious transactions and complicated network of affiliated companies. Back then we were told that he was on vacation. However, the answers have not arrived yet.
Source: CAPITAL, 05.09.2017