Ambassador of hidden intentions: Zlatko Lagumdžija and his sister-in-law behind the 'mega' energy project in Goražde!

Ambassador of Bosnia and Herzegovina to New York, Zlatko Lagumdžija, and his sister-in-law Lamija Ćeremida are indirectly or directly behind the company Balkan Energy Holdings (BEH), presented as a major investor in an solar energy project in Goražde, according to documentation in possession of Istraga.

On Wednesday, at the Economic Forum at the Bosniak Institute, Lagumdžija presented the energy potential in renewable energy sources, revealing that a huge investment worth 1.2 billion euros is being prepared in Goražde. All of this was met with enthusiasm by the media, which reported that a "mega-investment" was being prepared.

The project will be realized, as could be seen in the photo used by Ambassador Lagumdžija during the presentation, by the company BEH, or Balkan Energy Holdings, which is registered in Goražde.

“These five projects have two to three times the capacity of everything installed so far. When they told me Goražde, I laughed. But the technical people figured out that the main lines connecting east and west pass right through there. And near Goražde, you have an area rich in sun and wind, and a miracle happened,” Lagumdžija said in Sarajevo on Wednesday, adding that the entire project would have the “support of NovaLight Capital Ltd Portfolio, which currently manages over 3,670 MW of renewable energy projects in development with over two billion dollars in financing.”

However, Dr. Lagumdžija did not reveal the key details. And that is that he personally stands behind this deal. Below is a copy of the Registration Decision for the company BEH, issued by the Municipal Court in Goražde on February 16th of this year.

Thus, the founders of the company BEH in Goražde are the company LTL TIM d.o.o. Sarajevo and the company Pontevisum LLP from London. We will further follow the structure of the Sarajevo part, i.e., the company LTL TIM d.o.o. Sarajevo. But first, let's go to page 2 of the BEH company registration decision.

Pay attention to the section – persons authorized to represent the registered entity, because it states that Lamija Ćeremida holds the position of “director without limitations”. For those who don't know, Lamija Ćeremida is the younger sister of Amina Lagumdžija, and Amina Lagumdžija is the wife of Ambassador Zlatko Lagumdžija, who presented this "mega" project at the Bosniak Institute on Wednesday without revealing key details.

Now we return to the company LTL TIM d.o.o. Sarajevo, which owns 50 percent of the company BEH from Goražde, and whose director is Lagumdžija's sister-in-law Lamija Ćeremida. The company LTL TIM is registered at the address Ćemaluša 1 in Sarajevo. Here is their publicly available information.

The company LTL TIM Sarajevo was founded in 2025. The director of the company is Lamija Ćeremida. The same person, therefore, is also the director of the company BEH in Goražde. The founders of LTL TIM Sarajevo are three individuals and two legal entities. The individuals are Željko Dumanjić (5 percent capital), Melina Hubjer (15 percent capital), Husein Tokić (5 percent capital), TLG d.o.o. Travnik (45 percent capital), and “L TIM” d.o.o. Sarajevo (30 percent capital). Since private individuals do not have a significant stake, we will return to them later. Now let's see who is behind the company “L TIM” d.o.o. Sarajevo, which owns 30 percent of the company LTL TIM Sarajevo, which, further down the line, owns 50 percent of the company BEH d.o.o. Goražde, which Zlatko Lagumdžija presented as an investor in one of the largest energy projects. Below you can see an excerpt from the business entities register for the company “L TIM” d.o.o. Sarajevo.

The founder of the company “L TIM” d.o.o. Sarajevo is Zlatko Lagumdžija. The company was founded in 2025, and the founding capital was 9000 KM. The headquarters of the company “L TIM” d.o.o. Sarajevo is at the address Ćemaluša 1 in Sarajevo. On the Management Board, you guessed it, is Lamija Ćeremida, Zlatko Lagumdžija's sister-in-law.

Let's try to summarize everything. Zlatko Lagumdžija founded the company “L TIM” Sarajevo in Ćemaluša 1 street in 2015. He appointed his sister-in-law Lamija Ćeremida as director. Lagumdžija's company “L TIM” ten years later, in 2015, co-founded the company “LTL TIM” Sarajevo, headquartered at Ćemaluša 1 street. The director of that company is also Lagumdžija's sister-in-law Lamija Ćeremida. In February 2026, the company LTL TIM, co-founded by Lagumdžija's company “L TIM”, co-founded the company BEH d.o.o. Goražde. And again, the director is sister-in-law Ćeremida. For easier tracking, here is a diagram.

The company BEH d.o.o. is, as you can see, registered at the address Alije Hodžića b.b. in Goražde. Specifically, at the location of the agricultural pharmacy Hubjer d.o.o. Goražde. In the photo below, you can see what the headquarters of the company planning a 1.2 billion euro investment looks like.

The owners of the agricultural pharmacy Hubjer d.o.o. Goražde are Dika and Elijan Hubjer. Elijan Hubjer is the son of Emir Hubjer, a representative in the Assembly of BPK Goražde. Elijan's sister, and Emir Hubjer's daughter, is named Melina Hubjer. She owns 15 percent of the capital in the company “LTL TIM” Sarajevo, which, ultimately, is a co-founder of the company BEH d.o.o. Goražde, which Zlatko Lagumdžija presented on Wednesday as the investor of a project worth 1.2 billion euros.

“For comparison, the Southern Interconnection and this project are worth around 2.5 billion euros. The company BEH and the Southern Interconnection. And none of this comes from the budget; it's 2.5 billion euros in foreign investment,” Lagumdžija stated during the presentation of the project, behind which stand him, his sister-in-law, and business associates.