Petr Kellner
Petr Kellner | |
|---|---|
| Born | 20 May 1964 Česká Lípa, Czechoslovakia |
| Died | 27 March 2021 (aged 56) |
| Occupation(s) | Businessman, investor |
| Known for | Founder and principal owner of PPF Group |
Petr Kellner (20 May 1964 – 27 March 2021) was a Czech billionaire and influential oligarch, recognized as the founder and principal owner (holding 98.93%) of PPF Group. At the time of his passing, his estimated net worth stood at $17.5 billion, ranking him as the richest individual in the Czech Republic.
Early life
Kellner was born in 1964 in Česká Lípa, then part of Czechoslovakia, and spent much of his youth in Liberec. He completed his studies at the Faculty of Industrial Economics at the University of Economics, Prague in 1986.
Career
During the late 1980s, Kellner was employed as a production assistant at Barrandov Studios and appeared briefly in a 1989 film.
Following the Velvet revolution, he began working at Impromat, a Czech company importing and distributing Ricoh photocopiers, where he met Milan Maděryč and Milan Vinkler.
Investment fund PPF
In 1991, after the Czechoslovak voucher privatization, Kellner co-founded the investment fund PPF (První Privatizační Fond, meaning First Privatization Fund) alongside Milan Vinkler and the state-owned glass manufacturer Sklo Union. The subsequent year saw the establishment of PPF investiční společnost a.s., with the funds transitioning from privatization to investment purposes. These funds successfully acquired shares in over 200 companies with a combined nominal value reaching 5 billion CZK.
Česká pojišťovna
Between 1995 and 1996, PPF secured a 20% ownership stake in , the largest Czech insurance company, and took over its management. In 2000, PPF expanded its holdings by purchasing an additional 31.5% from IPB for approximately 2.85 billion CZK (~$72 million). However, due to penalties imposed on IPB payable to PPF, the effective price dropped to roughly 1.25 billion CZK (~$32 million). By 2001, PPF had become the majority shareholder with a 93% stake after acquiring shares from Komerční banka and the Czech government. These transactions allowed Kellner to consolidate control over PPF Group by buying out other voucher privatization investors.
Assicurazioni Generali
In 2007, PPF Group entered into a joint venture with Assicurazioni Generali, merging their insurance businesses across Central and Eastern Europe—including countries such as the Czech Republic, Slovakia, Poland, Hungary, Romania, Bulgaria, Ukraine, Russia, Serbia, Slovenia, Croatia, Belarus, and Kazakhstan. Initially, PPF owned 49% of this venture while Generali invested €1.1 billion (~$1.29 billion) for its share. Kellner served on Generali’s board until 2013 and personally acquired a 2.02% stake in the company. In that year, PPF sold its remaining interest in Generali PPF Holding to Generali for €2.5 billion (~$3.32 billion), resulting in Generali becoming sole owner by early 2015.
Central European Media Enterprises
In September 2007, it was disclosed by Ronald Lauder that Kellner held a 3% equity interest and was a board member of Central European Media Enterprises. By 2019, PPF Group had acquired complete ownership of CME.
Hotel Praha
In 2013, Kellner acquired the Hotel Praha, a high-end hotel located in Prague’s Dejvice district that was constructed during the Communist period. He demolished the building in 2014 intending to develop a campus for Open Gate - Grammar and Primary School, an exclusive private institution he founded; however, this school project never came to fruition.
Political Connections
PPF Group's activities within regulated industries such as banking, insurance, and telecommunications have been closely intertwined with political relationships. Notable politicians associated with Kellner include:
- Václav Klaus, who held roles as Czechoslovakia's Minister of Finance, Prime Minister, and later President of the Czech Republic. Following his retirement in 2013, PPF banka provided financial support to the Václav Klaus' Institute.
- , who served as Czech Minister of Finance from 1992 to 1997 during the period when Česká pojišťovna was privatized to PPF Group. After his political career, he was a member of Česká pojišťovna’s board between 1997 and 2000 and later joined its supervisory board from 2000 to 2007.
- Vladimír Mlynář, recognized as Kellner’s lead lobbyist and the inaugural Czech Minister of Informatics, who became part of PPF Group in 2010 to oversee lobbying initiatives.
Financial Standing
By 2013, Kellner held a 98.93% stake in the PPF investment and financial group.
His debut on the Forbes billionaire rankings occurred in 2006, estimating his fortune at US$3 billion and placing him 224th worldwide. His wealth showed consistent growth: in 2007, he rose to 119th place with US$6 billion; by 2008, he was ranked 91st with US$9.3 billion; and in 2009, he climbed to 76th with US$6 billion. In 2010, his net worth was assessed at US$7.6 billion, though Czech sources approximated it closer to US$4 billion. In 2015, he was positioned at #137 with US$9.2 billion; by August 2016, he advanced to #102 with US$11.4 billion, becoming the wealthiest individual in the Czech Republic. His ranking improved further to #88 in 2018 with US$15.5 billion and reached #68 in 2020 with US$14.9 billion. According to Czech Forbes in October 2020, he was the richest Czech citizen with an estimated net worth of 293 billion CZK (approximately US$13 billion).
In 2010, Kellner purchased a Boeing 737-700 BBJ1 business jet (registration P4-NGK), operated by ABS Jets. Following his passing in 2021, this aircraft was utilized to transport his remains back to the Czech Republic. He lived on a sizable estate near Prague and owned numerous properties abroad. Additionally, Kellner curated one of the most significant collections of Josef Sudek’s photographic works.
A devoted admirer of Jára Cimrman theatrical productions, Kellner’s PPF Group has been a sponsor of the Jára Cimrman Theatre since 1999.
Passing
On 27 March 2021, Kellner lost his life in a helicopter accident involving an Airbus AS350 B3 while heliskiing near Alaska’s Knik Glacier, roughly east of Anchorage. The crash also claimed four other lives. The helicopter collided with a mountain ridge at approximately , subsequently tumbling down an estimated 800 to 900 feet slope. Authorities were alerted about two hours after the helicopter’s tracking signal ceased transmission. Early GPS information suggested that the helicopter was flying at low altitude and slow speed during its final moments before crashing around 18:35 AKDT.