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Miodrag Kostić

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Miodrag Kostić
Миодраг Костић
Kostić in 2020
Born(1959-08-25)25 August 1959
Vrbas, PR Serbia, FPR Yugoslavia
Died13 November 2024(2024-11-13) (aged 65)
NationalitySerbian
EducationThe Faculty of Economics in Subotica, University of Novi Sad
Alma materUniversity of Novi Sad
OccupationBusinessman
Years active1983–2024
Children3
MotherRoksanda Kostić

Miodrag Kostić (Serbian Cyrillic: Миодраг Костић; 25 August 1959 – 13 November 2024) was a Serbian businessman.[1] He was the founder and owner of MK Group, a diversified holding company focusing primarily on agribusiness, green energy, and tourism. He acquired his wealth during the Serbian transition from socialism to capitalism, as a profiteer with connections in the state apparatus during the privatization of state enterprises in the 2000s.

Early life and education

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Kostić was born on 25 August 1959 in Vrbas, FPR Yugoslavia. Kostić graduated from the Faculty of Economics at the University of Novi Sad at the Department of Information Technology in 1983.

Professional career

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In 1983, he began a private business – initially as the owner of a private company for trade, import-export and manufacturing activities which in 1995 grew into MK Group. Since 2000, MK Group has managed sugar factories (factories Pećinci, Vrbas, Kovačica), more than 10 agribusiness enterprises, trade and warehouse complexes ("Granex-port", "Žito Bačka").[2]

As of December 2017, Kostić’s MK Group had a total of 29 companies within its holding, most of them in Vojvodina. MK Group performs a variety of services, such as agribusiness, wholesale, real estate and banking. Some of the most notable subsidiary companies include Carnex Vrbas (meat industry), Sunoko (sugar industry), Agroglobe (fertilizing and wholesale of agriculture products), PIK-Bečej (agribusiness) and others.[3]Over the years, the media had labelled Kostić the 'King of Sugar'.

Kostić was also the President of the Management Board of AIK Banka[4] which, in June 2019, fully took over the ownership of Gorenjska Banka and thus successfully completed the takeover process in Slovenia.[5] Being the first bank from Serbia to enter the European Union market, AIK Banka has confirmed its plans for further regional expansion.[6]

In June 2020, Kostić’s MK Group completed the process of acquisition of 67% of the shares of Victoria Group.[7] With the integration of Victoria Group member companies, Sojaprotein, Victoria Oil, Victoria Logistic, Luka Bačka Palanka and VZS Stočna hrana, MK Group has acquired the status of the majority owner, while the previous shareholders Milija Babovic and Apsara Limited remained minority owners.[8]

In June 2020, Miodrag Kostić’s company completed the acquisition of the Slovenian branch of Heta Asset Resolution.[9] At the end of 2019, MK Group was selected as the best bidder in the tender, meeting the formal requests for payment and purchase with the official approval of the Public Agency of the Republic of Slovenia for Protection of Competition and the approvals of the Competition Protection Commissions of Serbia and Montenegro.

Miodrag Kostić Endowment

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Miodrag Kostić Endowment – the Palace of Science, located in downtown Belgrade, will donate to society the first centre for research and the popularisation of science in Serbia, and the largest one in the region. This donation, worth more than EUR 25 million, is intended to provide support to scientific and technological development, young scientists and education, and it is one of the largest individual philanthropy contributions in this region.

With scientific content and activities across more than 5,500 m2, scientific work will take place in 19 research centres within this space, in partnership with the Faculty of Electrical Engineering at the University of Belgrade. The second part of the space will be dedicated to bringing science closer to the general public, with a focus on nurturing curiosity in children, through a large number of interactive and educational exhibits.

Kostić Family Foundation

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Kostić founded the Kostić Family Foundation in June 2013 with his mother Roksanda. He gave their family home as a present to the Provincial Institute for Protection of Health of Children and Young People of Vojvodina in Novi Sad and the National Association of Childhood Cancer Parents of Serbia for their exclusive use.

Kostić transferred the ownership of the house to the Provincial Government of Vojvodina, which is responsible for using the house solely for the proposed purpose. The house has 1400 square meters and 16 acres of outdoor property.

Death

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Kostić died on 13 November 2024, at the age of 65,[10] according to some reports of Amyotrophic lateral sclerosis.[11]

Awards and recognition

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  • 2015. Miodrag Kostić won the Medal of Honour Award as a sign of appreciation for his long-term support for SOS Children's Village[12]
  • 2015. Miodrag Kostić won the Laureate Award for the Special Development of Entrepreneurship in Serbia from Mokra Gora School of Management[13]
  • 2017. Serbian Association of Economists and the Serbian Association of Corporate Directors awarded Miodrag Kostić for outstanding contributions in the field of business economics and management[14]
  • 2019 Miodrag Kostić won the Golden Sign Award of the Red Cross of Serbia for exceptional humanitarian work[15]
  • 2023. Miodrag Kostić received a special award from the Serbian Association of Managers for an exceptional personal act – donating the Palace of Science to Serbian society.
  • 2023. The Association of Economists of Serbia awarded the Golden Charter to Miodrag Kostić for long-term cooperation, support and exceptional contribution in the organization of the Kopaonik Business Forum.

Memberships and functions

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Kostić was the President of the Board of Directors of AIK Banka and for the second term – the President of the Serbian business club "Privrednik" which gathers 40 most successful entrepreneurs in Serbia. "Privrednik" cooperates with chambers of commerce and business associations in the country and abroad and the Government of the Republic of Serbia to improve entrepreneurship and management in Serbia and attract foreign investors.

He was also a member of numerous local and international business associations such as AmCham, British-Serbian Chamber of Commerce, Serbian-Italian Business Council, Swiss-Serbian Business Association, Serbian Association of Managers (SAM), National Alliance for Local Economic Development (NALED), etc.

Kostić was politically active, serving as the General Director of Serbia's Democratic Party from 1996 until the overthrow of Milošević on 5 October 2000.

References

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  1. ^ "Miodrag Kostic, MK Commerce doo: Profile and Biography". www.bloomberg.com. Retrieved 14 September 2020.
  2. ^ "MK Group DOO - SeeNews - Business intelligence for Southeast Europe". seenews.com. Retrieved 14 September 2020.
  3. ^ "News | AMCHAM". www.amcham.rs. Retrieved 14 September 2020.
  4. ^ Milošević, Žikica (31 January 2017). "MK Group buys Alfa Bank Serbia ad". Diplomacy&Commerce.
  5. ^ "The highest bid for Komercijalna Banka was given by a bank owned by Miodrag Kostic". B92.net. Retrieved 14 September 2020.
  6. ^ "Miodrag Kostic becomes majority owner of Portoroz Airport". ekapija. 4 January 2019.
  7. ^ "MK Group: Miodrag Kostić Buys Victoria Group". CorD Magazine. 9 July 2018. Retrieved 14 September 2020.
  8. ^ "Miodrag Kostic buys Victoria Group". ekapija. 9 July 2018.
  9. ^ Stovall, Nathan (10 June 2020). "Listen: Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4". S&P Global Market Intelligence.
  10. ^ Preminuo Miodrag Kostić, osnivač i predsednik MK Grupe (in Serbian)
  11. ^ https://pink.rs/drustvo/642020/napada-mozak-i-kicmenu-mozdinu-sta-je-lu-gerigova-bolest-od-koje-je-navodno-bolovao-miodrag-kostic
  12. ^ "MIODRAGU KOSTIĆU URUČEN BEDŽ ČASTI: Prvi Srbin koji je dobio priznanje SOS DEČIJA SELA!". Telegraf. 18 December 2015.
  13. ^ d.o.o, Arctur. "Dodeljena nagrada "Laureat vrline 2015."". www.irt3000.si (in Serbian). Retrieved 14 September 2020.
  14. ^ "CERTIFICATE OF EXCELLENCE AWARD CEREMONY". Savez ekonomista Srbije. 14 December 2017.
  15. ^ "Miodrag Kostić dobio priznanje Zlatni znak Crvenog krsta Srbije". Bankar.rs. 8 March 2019.
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