By intervening in Bosnia and Herzegovina, representatives of the American military, diplomacy, and industry had no illusions about the extent to which the space for alliance with Muslims was open. It was practically boundless, dictated by the fact that Islam had drawn a clear line between two conflicting worlds, agreeing that the Americans, as (temporary) allies in the Balkans, would follow, supervise, and control them. The Americans recognized in time the Bosniaks’ inclination toward violence and the acceptance of terrorism as a legitimate model of action in their own religious and political interest, approaching the control and supervision of various groups and organizations with seriousness. The goal was not removal but control. In this context, access to weapons became a matter of primary importance for the U.S., an issue that arose immediately after the ceasefire (which is still in effect), established by signing the International Peace Agreement, after which all the most important weapons factories in Bosnia and Herzegovina fell into the hands of Muslims.
Nikšić’s move
Practically in December 2013, the Americans attempted, and partially succeeded, in their plan to “memorandumly” and in an unprecedented way, take over the entire Muslim defense industry through the American company Howell Machine. The “Memorandum” was signed on behalf of the Government of the Federation of Bosnia and Herzegovina by Nermin Nikšić, the Prime Minister, and the Minister of Energy, Mining, and Industry, Erdal Trhulj, along with the owner and president of Howell Machine Inc., David Howell. By the decision of the illegitimate High Representative Christian Schmidt, Nermin Nikšić was reappointed as the Prime Minister of the Federation of Bosnia and Herzegovina in 2023, with the task of continuing the work he began in 2013. The demands from the American side were directed toward the expectation that Nikšić would change certain political games related to the privatization of the military industry, initiated by his predecessor as Prime Minister, Fadil Novalić, a member of the SDA. Due to these actions, Novalić was arrested, convicted, and is now serving a three-year prison sentence. Although Novalić’s formal guilt was related to the “purchase of Chinese respirators,” the real reason was his efforts not to hand over the weapons factories exclusively into American hands, for the needs of their forces and battlefields, such as the one in Ukraine.
Instead of bankruptcy, revenues soar
In the public, the term “defense industry” is commonly and subtly used for weapons factories in Bosnia and Herzegovina. This industry broke all records in 2023 in the Muslim part of the Federation of Bosnia and Herzegovina, and some of them, with the help of the Americans, have even made it onto the global stage. More precisely, onto the global stage of battlefields initiated and led by the Americans—primarily in Ukraine but also in Israel.
Analyzing the reports on the revenues and strength of the factories offers new insights. The revenues of Igman from Konjic increased by about 8 million KM last year, reaching almost 134 million, but profits slightly decreased to 2.7 million. Compared to other companies, and considering the revenue size, the company’s profit is quite modest; in fact, the main slice of the “profit” pie is shared elsewhere. This company is the leading employer in this sector, with 1,432 workers at the end of 2023.
Pretis from Vogošća increased its revenues by about 22 million KM to 76 million last year and almost doubled its profit to about 11 million. This is an excellent result, especially considering that the company operated at a loss of 1 million KM in 2021. It is evident that Pretis is returning to the positions it once enjoyed as a prestigious company. Almost all revenue comes from foreign markets.
Goražde’s “Unis Ginex” had a “brilliant” year. The company increased its revenues by about 16 million to 78.5 million, with profits rising to 19 million convertible marks. The company Pobeda Technology from Goražde also grew successfully, being one of the few profitable companies in this sector, with revenues of 73 million KM last year. Pobeda Rudet from Goražde, owned by Turkish investors, also performed well, with revenues reaching 40 million KM last year.
Another company from Goražde, confirming that Goražde is a real “hub” of the defense industry in the Federation of Bosnia and Herzegovina, is AC Unity, owned by Redžo Bekta. Last year, it achieved revenues of 9.1 million KM, about two million less than the previous year.
At the same time, the company Binas Bugojno achieved a significant increase in revenues last year, totaling about 25 million KM, compared to 8 million in 2022. Percentage-wise, Binas experienced the most growth in revenues in 2023. The total revenues of the Technical Repair Institute Hadžići also increased significantly to 11.3 million KM, from 5.5 million in 2022. This is a company that had been operating at a loss for years and was practically on the brink of bankruptcy. Many had already predicted its insolvency, but now it operates positively, with revenues increasing year by year.
The evident help of ‘friends’
In short, the business and strength sketch of key weapons factories in Bosnia and Herzegovina in 2023, thanks to the wars in Ukraine and Gaza, looks like this:
- Igman Konjic
- Revenues: 133.8 million KM
- Profit: 2.7 million KM
- Employees: 1,432
2. Unis Ginex Goražde
- Revenues: 78.5 million KM
- Profit: 19 million KM
- Employees: 787
3. Pretis Vogošća
- Revenues: 76.5 million KM
- Profit: 10.9 million KM
- Employees: 439
4. Pobjeda Technology Goražde
- Revenues: 73 million KM
- Profit: 5.3 million KM
- Employees: 314
5. Pobjeda-Rudet Goražde
- Revenues: 40 million KM
- Profit: 5.6 million KM
- Employees: 370
6. Binas Bugojno
- Revenues: 25 million KM
- Profit: 276 thousand KM
- Employees: 335
7. BNT-TMiH Novi Travnik
- Revenues: 13.7 million KM
- Profit: 311 thousand KM
8. Technical Repair Hadžići
- Revenues: 11.3 million KM
- Profit: 72 thousand KM
- Employees: 213
9. AC-Unity Goražde
- Revenues: 9.1 million KM
- Profit: 129 thousand KM
- Employees: 61
Positive business operations, good work organization, and the “gray zone” that Bosnia and Herzegovina turned into after Dayton have opened up the prospect of arming military and paramilitary forces worldwide, so the American pursuit of these factories was no surprise.
Stock purchase
With the help of already established military-business connections with the U.S. armed forces and American business interests, the American company Regulus Global showed great interest in the two strongest and most promising firms in the military industry within the Muslim part of the Federation of Bosnia and Herzegovina. This American company first bought 33% of the shares in Pretis from Vogošća, and then shares in Binas from Bugojno.
Regulus Global LLC is registered in the U.S. state of Virginia, and after the share acquisition, the Federation remains the majority owner of Pretis and Binas (51%). The revenues of this American company are not significant, making it clear that a smaller entity has bought larger ones, indicating that there is no industrial or economic logic behind these transactions. Incidentally, Binas increased its revenues last year. It had total revenues of about 25 million KM last year, compared to 8 million in 2022, representing a huge growth. As for Pretis, the company generated a turnover of 76.5 million KM in 2023, with a reported profit of 10 million marks.
A Military industry giant in American hands
It is also evident that the American company bought shares previously owned by investment funds. In addition to the stake in Pretis, these funds sold their shares in Binas from Bugojno. On the same day, a total transaction of Pretis shares worth 14.3 million KM was completed. A total of 1,403,341 shares were sold through 23 transactions at an average price of 10.20 KM, representing 33% ownership in this military giant.
Additionally, shares of Binas Bugojno were purchased for a total amount exceeding half a million KM. Through nine transactions, 81,771 shares of this explosives manufacturer were traded. The total transaction value was 531,511 KM, representing about 23% of Binas shares. The transactions were carried out at an average share price of 6.50 KM, a more than 50% increase compared to the previous average share prices of around 4.2 KM. Incidentally, Binas significantly increased its revenues last year. Binas had total revenues of about 25 million KM last year, compared to 8 million in 2022, representing huge growth.
From intelligence software to military systems
The control of weapons factories in Bosnia and Herzegovina was executed at the level at which this puppet state operates—from a not-so-significant buyer:
“We deal with everything from intelligence software to military systems, including equipment covered by ITAR/AECA. We specialize in aligning the capabilities of foreign militaries and law enforcement agencies allied with the U.S. with their American counterparts, providing top-notch equipment and best practices for implementation and sustainability. Regulus operates in more than 70 countries worldwide,” states the website of Regulus Global LLC.
It is worth noting that Pretis specializes in the production of shells, with the most famous being the 155mm howitzer shells.
An owner from Sarajevo? A red flag
When a “giant” of the defense industry in Bosnia and Herzegovina officially gained a new owner from Sarajevo, it triggered alarm within American military and intelligence structures in Bosnia and Herzegovina. The events and transactions from 2020, especially the war in Ukraine, accelerated the American decision to stop this negative process for them—the loss of control over the military industry in Bosnia and Herzegovina.
The real trigger for American action was a carefully managed series of transactions related to the sale of the company Pobeda Technology Goražde (PTG). When PTG officially got a new majority owner, the company TAK Sarajevo, behind which stands Hamid Pršeš, American insiders, sleepers, diplomats, and intelligence agents became involved.
A large portion of PTG shares, amounting to about 26%, was sold for approximately 5.2 million KM. The company TAK had already been acquiring shares of this firm for some time, and before this final transaction, it had amassed a stake of about 48%. Now, TAK has taken over an additional 7% stake in PTG, making it the majority owner of the company. The rest of the shares were acquired by Goražde businessman Halil Oković, who increased his stake to 24%, with an additional 20% held through his company OKAC d.o.o. Thus, Pršeš and Oković now sovereignly control a company whose revenues are continually growing.
Stock market transaction
Nevertheless, the involvement of Americans, the replacement and arrest of Fadil Novalić, did not stop the actions of politicians and businessmen close to the SDA in Goražde. Thus, in mid-March 2024, a transaction worth nearly 1 million KM was conducted involving the shares of Unis Ginex, one of the leaders of Bosnia and Herzegovina’s defense industry. At that time, 2,452 shares were traded on the Sarajevo Stock Exchange at a price of 400 KM each, totaling 980,800 KM.
This constitutes about 1.5% ownership in the Goražde-based defense industry company. Although it was not disclosed who sold and who bought the shares, it is known that the shares were purchased by Pobeda Technology Goražde (PTG). PTG now owns 1.5% of Ginex’s shares. However, this is just part of the plan to take over Ginex by two entrepreneurs who recently acquired PTG itself. Namely, ownership of PTG was recently taken over by Goražde businessmen Halil Oković and Hamid Pršeš. They already hold significant stakes in Ginex. Oković owns 14.5% of Ginex’s shares and an additional 7.7% through his company OKAC. Pršeš owns nearly 4% of Ginex’s shares and another 1% through his company TAK Sarajevo, totaling about 5%.
When adding up the stakes that Oković and Pršeš hold in Ginex, personally and through their companies, the total comes to about 29% of the shares. The largest owner of Ginex is the Federation of Bosnia and Herzegovina, with a 51% stake.
A part may be, but the majority is American
Unlike PTG, it is hard to believe that they will succeed in fully taking over Ginex, as the Government of the Federation of Bosnia and Herzegovina, now led by an American ally, Nermin Nikšić, will likely not allow the sale of its stake in the near future. However, if the Federation ever decides to privatize its stake, they will surely be the most serious candidates.
PTG was already privately owned before their takeover. Oković and Pršeš spent about 20 million KM to take over PTG. The company Unis Ginex Goražde achieved strong revenue and profit growth last year. The company’s total revenues grew to 78.5 million KM last year, from 62.2 million the previous year.
PTG, otherwise, is engaged in the production of ammunition, which is in high demand today, and is one of the most successful companies in this field.
(To be continued)
