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Offshore Leaks Database

Data from
Paradise Papers - The Power Players
Former prime minister and president, Montenegro (1991-2016)

Milo Djukanovic

Associates in the data:

Related to

Montenegro Malta


Ana Kolarevic, formerly Djukanovic, is the sister of Milo Djukanovic, who was in power – with two interruptions – from 1991 to 2016 as either Montenegro’s prime minister or president. The family is considered one of the richest in the country. Kolarevic, who is a lawyer, had more than $3.5 million worth of stocks and real estate in 2009, according to an investigation at that time by International Consortium of Investigative Journalists and the Center for Investigative Reporting in Bosnia and Herzegovina.

In the data

Djukanovic was a shareholder of Ranin Ltd., a company registered in Malta in 2012, the year Djukanovic’s brother was most recently re-elected prime minister. According to Serbian media reports, Ranin owns Serbian Nickel, a mining company that, in 2012, sought to invest about $1.4 billion in the country’s nickel deposits, causing protests in Serbia concerning the health risks of nickel “exploitation.” According to Malta registry files from 2012 and 2015, more than 90 percent of Ranin’s business interests were “outside Malta.” In October 2015, Djukanovic sold her half of Ranin shares to Serbian Nickel’s chief executive Radomir Vukcevic, who replaced her as company director. At present he remains the sole shareholder, according to Malta registry files.

The documents also show that Djukanovic and Vukcevic were also directors of Ruukki International Ltd., a Maltese subsidiary of a Finnish company that specializes in mining and mineral processing. In October 2017, the company was listed as closed in Malta.


Djukanovic said she was part of Ranin’s “founding and managerial structure” for a short period of time after its establishment and that the company and its affiliates didn’t realize any profits because they didn’t meet the necessary conditions to start their activities.

She did not respond to specific questions on Ruukki International.

This visualization contains relevant information in relation to the profiled individual. Some additional connections might show up once we release the full structured data connected to the Paradise Papers investigation in the coming weeks.


There are legitimate uses for offshore companies and trusts. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. The data comes directly from the leaked files ICIJ has received in connection with various investigations and each dataset encompasses a defined time period specified in the database. Some information may have changed over time. Please contact us if you find an error in the database.

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