Petr Kellner

{{For|the British journalist and political commentator|Peter Kellner}}

{{Infobox person

| image = Petr Kellner, Annual Report image.jpg

| image_size =

| name = Petr Kellner

| caption =

| birth_name =

| birth_date = {{Birth date|df=yes|1964|5|20}}

| birth_place = Česká Lípa, Czechoslovakia (now Czech Republic)

| death_date = {{Death date and age|df=yes|2021|03|27|1964|5|20}}

| death_place = near Knik Glacier, Alaska, U.S.

| alma mater = University of Economics, Prague

| occupation = Founder and majority shareholder, PPF Group

| title =

| spouse = Iva Kellnerová (divorced)
Renáta Kellnerová

| partner =

| children = 4, including Anna Kellnerová

}}

Petr Kellner (20 May 1964 – 27 March 2021) was a Czech billionaire entrepreneur, the founder and majority shareholder (98.93%) of the PPF Group. At the time of his death, he had an estimated net worth of $17.5 billion, making him the wealthiest person in the Czech Republic.{{cite web |title=Forbes profile: Petr Kellner |url=https://www.forbes.com/profile/petr-kellner |website=Forbes |access-date=26 November 2020}}

Early life

Kellner was born in 1964 in Česká Lípa, then in Czechoslovakia, but spent most of his childhood in Liberec.{{cite web |url=http://www.generali.com/generalicom/media/show?210232 |title=Archived copy |accessdate=26 August 2010 |url-status=dead |archiveurl=https://web.archive.org/web/20110711083227/http://www.generali.com/generalicom/media/show?210232 |archivedate=11 July 2011}}{{Cite web|last=|first=|date=15 November 2010|title=Petr Kellner|url=https://www.aktualne.cz/wiki/osobnosti/kellner-petr/r~i:wiki:1087/|access-date=29 July 2020|website=Aktuálně.cz|language=cs}} Kellner graduated from the University of Economics, Prague Faculty of Industrial Economics, in 1986.{{cite web |url=http://www.ppf.cz/en/index.php?sec=215 |title=PPF Group – Key Group Personnel |publisher=PPF Group|accessdate=14 April 2011 |archive-date=4 September 2007 |archive-url=https://web.archive.org/web/20070904093803/http://www.ppf.cz/en/index.php?sec=215 |url-status=dead }}

Career

In the late 1980s, he worked as a production assistant in Barrandov Studios, even having a cameo in the 1989 film {{Interlanguage link|Time of the Servants|cs|Čas sluhů}}.{{Cite web |last=Léko |first=István |date=2021-03-29 |title=Co možná nevíte o Kellnerovi: zahrál si ve filmu, pomáhal Cimrmanům a nerad se dělil o firmy |url=https://www.lidovky.cz/domov/co-mozna-nevite-o-petru-kellnerovi-zahral-si-ve-filmu-pomahal-cimrmanum-a-nerad-se-delil-o-firmy.A210329_110530_ln_domov_rkj |access-date=2022-04-17 |website=Lidovky.cz |language=cs}}{{Cite web |title=Petr Kellner |url=https://www.filmovyprehled.cz/cs/person/114096 |access-date=2022-04-17 |website=Filmový přehled |language=cs}}

After the Velvet Revolution he worked for the Czech company Impromat, an importer and seller of Ricoh photocopiers. While working for that company, he met Milan Maděryč and Milan Vinkler.{{cite web|url=http://ekonomika.idnes.cz/eko_profily.asp?r=eko_profily&c=A020317_224048_eko_profily_klu |title=iDNES.cz – Kellner – miliardář s nenávistí k počítači |date=18 March 2002 |publisher=iDNES.cz|accessdate=14 April 2011}}

= Investment fund PPF =

In 1991, after the announcement of Czechoslovak voucher privatization, he founded the investment fund PPF (První Privatizační Fond: First Privatization Fund)Commercial register at justice.cz, identification number (IČ) 43222277{{Better source needed|date=June 2021}} with Milan Vinkler and state-owned glassworks Sklo Union.{{cite web

| url =https://www.bloomberg.com/news/features/2019-12-21/how-east-europe-s-billionaires-rose-from-the-fall-of-communism

| title =The Rise of the East European Billionaires

| last =Penz

| first =Balazs

| last2 =Fedorinova

| first2 =Yuliya

| last3 =Sazonov

| first3 =Alexander

| date =2019-12-21

| publisher =Bloomberg

| access-date =2024-01-25}} In 1992, PPF investiční společnost a.s. was established and the funds' names were changed from privatization to investment.{{Citation needed|date=June 2021}} The funds were very successful and purchased stock of more than 200 corporations with nominal value 5 billion CZK.

= Česká pojišťovna =

In 1995 and 1996, PPF bought a 20% stake in the largest Czech insurance company, {{ill|Generali Česká pojišťovna|cs|lt=Česká pojišťovna}} and started to manage it. In 2000, PPF bought 31.5% stake of Česká pojišťovna from IPB for 2.85 billion CZK (around $72.27 million at the time).{{cite web|url=https://ihned.cz/c1-773099-skupina-ppf-brzy-ziska-od-ipb-dalsi-akcie-ceske-pojistovny|title=Skupina PPF brzy získá od IPB další akcie České pojišťovny|publisher=Economia a.s|date=21 April 2000|website=Hospodářské noviny (IHNED.cz)}}{{cite web |url=http://zpravy24.pantax.cz/2003/02/SmlouvyIPB.htm |archiveurl=https://web.archive.org/web/20071119211710/http://zpravy24.pantax.cz/2003/02/SmlouvyIPB.htm |title=Prodej akcií IPB - PPF |url-status=dead |archivedate=19 November 2007}} The transaction with IPB ended up with IPB paying to PPF 1.6 billion CZK (around $40.93 million at the time) penalty, making the real purchasing cost of the stake 1.25 billion CZK (around $31.98 million at the time).{{cite web|url=http://www.mapovani.cz/ppf/rok-2000/24 |title=Mapování.cz - PPF: Rok 2000}} Later PPF acquired more shares and became the dominant (93%) owner in 2001, when PPF bought large stakes of shares from Komerční banka and the Czech state.{{cite web |url=http://www.ppf.cz/en/index.php?sec=220 |title=PPF Group – History |publisher=PPF Group|accessdate=14 April 2011 |archive-date=4 September 2007 |archive-url=https://web.archive.org/web/20070904093823/http://www.ppf.cz/en/index.php?sec=220 |url-status=dead }} With help of these profitable transactions, the last investors from voucher privatization were bought out and Kellner became the dominant owner of PPF Group.

= Assicurazioni Generali =

In 2007, PPF Group signed a contract with Assicurazioni Generali to create a joint venture between PPF Group's insurance arm and Assicurazioni Generali's corporations in the Czech Republic, Slovakia, Poland, Hungary, Romania, Bulgaria, Ukraine, Russia, Serbia, Slovenia, Croatia, Belarus, and Kazakhstan. According to sources PPF Group will own 49% of that company from the start, and Generali will pay €1.1 billion (around $1.29 billion at the time) to the PPF Group for its stake. From 2007 till 2013 Kellner was member of the board of directors of Generali.{{cite web |url=http://www.ppf.cz/en/index.php?sec=605&id=24 |title=PPF Group – Press Releases |publisher=PPF Group |accessdate=14 April 2011 |archive-date=4 September 2007 |archive-url=https://web.archive.org/web/20070904093736/http://www.ppf.cz/en/index.php?sec=605&id=24 |url-status=dead }} Kellner himself later bought 2.02% stake in Assicurazioni Generali.{{cite web |url=http://www.generali.com/Generali-Group/Investor-Relations/shareholder-structure/ |title=Generali Group: Shareholder structure |publisher=Generali |accessdate=14 April 2011 |url-status=dead |archiveurl=https://web.archive.org/web/20110415201206/http://www.generali.com/Generali-Group/Investor-Relations/shareholder-structure/ |archivedate=15 April 2011}}

In 2013 Kellner's PPF sold their remaining shares in the Generali PPF Holding (GPH) to Generali for €2.5 billion (around $3.32 billion at the time), who became sole owner effective in early 2015.{{Cite web|title=Ceska pojistovna and Generali PPF Holding|url=https://www.ppf.eu/en/case-studies/ceska-pojistovna-and-generali-ppf-holding|access-date=29 March 2021|website=PPF Group|archive-date=11 June 2015|archive-url=https://web.archive.org/web/20150611104657/https://www.ppf.eu/en/case-studies/ceska-pojistovna-and-generali-ppf-holding|url-status=dead}}{{cite news|title=Biggest mergers and acquisitions with Czech participation|agency=CTK Business News|date=4 November 2013}}

= Central European Media Enterprises =

In early September 2007, Ronald Lauder announced that Kellner held a 3% stake and was on the board of directors of Central European Media Enterprises.{{cite news |url=http://www.newsru.ua/finance/03sep2007/media.html |title=Ігор Коломойський розвиватиме Central European Media Enterprises в Центральній і Східній Європі |trans-title=Igor Kolomoisky will develop Central European Media Enterprises in Central and Eastern Europe |language=uk |work=newsru.ua |date=3 September 2007 |access-date=22 January 2021 |archive-date=29 November 2014 |archive-url=https://web.archive.org/web/20141129063610/http://www.newsru.ua/finance/03sep2007/media.html}} In 2019 PPF Group acquired whole CME.

= Hotel Praha =

In 2013, Kellner purchased the Hotel Praha, a luxury hotel in the Dejvice section of Prague that had been built under Communist rule. Kellner demolished the hotel in 2014 and sought to turn the land into a campus of Open Gate, an elite private school he had founded.{{cite web | title=Communist-era Hotel Praha set for demolition | website=Radio Prague International | date=July 10, 2013 | url=https://english.radio.cz/communist-era-hotel-praha-set-demolition-8544370 | access-date=May 10, 2023}} The school was never built.

= Relations with politicians =

PPF Group has often operated in state-regulated business (insurance, banking, telecommunications), so intermingling with the politics was inherent. Three politicians are clearly linked to Kellner. The first is Václav Klaus, firstly the Czechoslovak Minister of Finance during times of voucher privatization, later Prime Minister and Czech president. After he retired from active politics in 2013, his Václav Klaus' Institute was funded by PPF banka from PPF Group.{{Cite web |last1=Léko |first1=István |last2=Junek |first2=Adam |date=2021-03-29 |title=Kovbojská cesta k miliardám. Jak Kellner vybudoval své byznysové impérium |url=https://www.lidovky.cz/domov/kovbojska-cesta-k-miliardam-jak-petr-kellner-vybudoval-sve-byznysove-imperium.A210329_092216_ln_domov_rkj |access-date=2022-04-17 |website=Lidovky.cz |language=cs}} The second is {{Interlanguage link|Ivan Kočárník|cs}}, who served as Czech Minister of Finance from 1992 to 1997, during the privatization of Česká pojišt'ovna into the hands of PPF Group. After he retired from active politics in 1997 he was a member of the board of directors from 1997 to 2000 of Česká pojišt'ovna and a member of its supervisory board from 2000 to 2007.{{Cite web |title=Veřejný rejstřík a Sbírka listin|url=https://or.justice.cz/ias/ui/rejstrik-firma.vysledky?subjektId=702406&typ=UPLNY |access-date=2022-04-17 |website=Ministerstvo spravedlnosti České republiky}} The third is Kellner's top lobbyist {{Interlanguage link|Vladimír Mlynář|cs}}, the first Czech Minister of Informatics, who works for PPF Group since 2010.{{Cite web |date=2010-08-02 |title=Mlynář je ve vedení PPF. Kellner ho najal na lobbing |url=https://zpravy.aktualne.cz/ekonomika/ceska-ekonomika/mlynar-je-ve-vedeni-ppf-kellner-ho-najal-na-lobbing/r~i:article:674065/ |access-date=2022-04-17 |website=Aktuálně.cz|language=cs}}

Wealth

As of 2013, Kellner owned 98.93% of the PPF investment and financial group.{{Cite web|title=People|url=https://www.ppf.eu/en/people?pp=shareholders|website=PPF Group|access-date=30 April 2020|archive-date=12 October 2015|archive-url=https://web.archive.org/web/20151012044237/https://www.ppf.eu/en/people?pp=shareholders|url-status=dead}}

In 2006, he was first time listed{{Cite web|date=29 March 2021|title=Patnáct let mezi nejbohatšími světa. Kellner vstoupil do žebříčku Forbesu jako první Čech|url=https://forbes.cz/petr-kellner-vstoupil-pred-15-lety-do-zebricku-dolarovych-miliardaru-forbesu-jako-prvni-cech/|access-date=29 March 2021|website=Forbes|language=cs}} in Forbes list of billionaires with estimated net worth at US$3 billion and as 224th wealthiest man in the world.{{Cite web|title=World's Billionaire List 2006|url=http://stats.areppim.com/listes/list_billionairesx06xwor.htm|access-date=29 March 2021|website=stats.areppim.com}}{{Cite web|last=Kroll|first=Luisa|date=27 March 2006|title=The World's Billionaires - Billionaire Bacchanalia|url=https://www.forbes.com/free_forbes/2006/0327/111.html|url-status=dead|archive-url=https://web.archive.org/web/20060330145113/https://www.forbes.com/free_forbes/2006/0327/111.html|archive-date=30 March 2006|website=Forbes}} In 2007, he was 119th with US$6 billion; in 2008 he was 91st with US$9.3 billion.{{Cite web|title=World's Billionaire List 2007|url=https://stats.areppim.com/listes/list_billionairesx07xwor.htm|access-date=29 March 2021|website=stats.areppim.com}}{{Cite web|title=The World's Billionaires|url=https://www.forbes.com/2007/03/07/billionaires-worlds-richest_07billionaires_cz_lk_af_0308billie_land.html|access-date=29 March 2021|website=Forbes}} In 2009, he was 76th with US$6 billion.{{Cite news|url=https://www.forbes.com/lists/2009/10/billionaires-2009-richest-people_Petr-Kellner_0VC2.html |title=The World's Billionaires – #76 Petr Kellner |work=Forbes |date=13 February 2009 |accessdate=14 April 2011}} In 2010 he was 89th with US$7.6 billion;Net worth: from [https://www.forbes.com/profile/petr-kellner Petr Kellner - Forbes], March 2013.{{cite web|url=http://www.motejlek.com/americky-forbes-minimalne-trojnasobne-nadhodnotil-majetek-petra-kellnera |title=Americký Forbes minimálně trojnásobně nadhodnotil majetek Petra Kellnera |publisher=Motejlek.com |accessdate=14 April 2011}} according to the Czech weekly Týden, the estimates were lower, however, approx. US$4 billion.{{cite web|date=13 October 2010|title=E15: Nejbohatším Čechem zůstává Petr Kellner|url=http://www.e15.cz/domaci/ekonomika/nejbohatsim-cechem-podle-zebricku-tydne-zustava-petr-kellner|url-status=live|archive-url=https://web.archive.org/web/20120401024455/http://zpravy.e15.cz/domaci/ekonomika/nejbohatsim-cechem-podle-zebricku-tydne-zustava-petr-kellner|archive-date=1 April 2012|accessdate=14 April 2011|website=E15.cz}}

In 2015, Kellner ranked #137 on the Forbes list with an estimated wealth of US$9.2 billion (2015).{{cite web|url=https://www.forbes.com/profile/petr-kellner/|title=Petr Kellner|website=Forbes}} In August 2016, he ranked #102 with US$11.4 billion, making him the wealthiest person in the Czech Republic.{{cite news|url=https://www.forbes.com/billionaires/list/3/#version:realtime |title=Billionaires 2019 |work=Forbes |accessdate=5 January 2020}} In 2018, Kellner ranked #88, with US$15.5 billion.{{cite web|url=https://www.forbes.com/billionaires/|archiveurl=https://web.archive.org/web/20190211034548/https://www.forbes.com/billionaires/list/3/#version:static|url-status=dead|title=Billionaires 2019|archivedate=11 February 2019|website=Forbes}} In 2020 he ranked #68 with US$14.9 billion.{{Cite web|title=Petr Kellner|url=https://www.forbes.com/profile/petr-kellner/|access-date=29 March 2021|website=Forbes}} In October 2020, Czech Forbes listed him as the richest person in the Czech Republic with net worth 293 billion CZK (around US$13 billion at the time).{{Cite web|title=Petr Kellner|url=https://forbes.cz/nejbohatsi-cesi-2020/detail/petr-kellner/|access-date=29 March 2021|website=Forbes|language=cs}}

In 2010 he bought a Boeing 737-700 BBJ1 as his business airplane.{{cite web|url=http://www.motejlek.com/kellner-si-poridil-kapitalni-boeing-737-700bbj |title=Kellner si pořídil kapitální Boeing 737-700BBJ |publisher=motejlek.com |date=22 September 2010 |accessdate=14 April 2011}} It was registered P4-NGK and was operated by ABS Jets.{{Cite web |title=N9PF Private Boeing 737-700 BBJ |url=https://www.planespotters.net/airframe/boeing-737-700-n9pf-private/egxk2v |access-date=2022-12-06 |website=Planespotters.net|date=4 June 2022 }}{{Cite web |title=Aircraft Data P4-NGK, 2010 Boeing 737-7HZ C/N 37583 |url=https://www.airport-data.com/aircraft/P4-NGK.html |access-date=2022-12-06 |website=Airport-data.com}} After his death in 2021, the 737 was used to repatriate his body back to the Czech Republic.{{Citation |last=Garrard |first=Bob |title=P4-NGK |date=2021-04-07 |url=https://www.flickr.com/photos/23032926@N05/51213309853/ |access-date=2022-12-06}}{{better source needed|date=December 2022}} He lived in an extensive residence in the village of Podkozí near Prague, and owned a number of other properties in various countries.{{Cite news|last1=Vigdor|first1=Neil|last2=Albeck-Ripka|first2=Livia|date=2021-03-29|title=Czech Billionaire Is Among 5 Killed in Heli-Skiing Crash Near Alaska Glacier|work=The New York Times|url=https://www.nytimes.com/2021/03/29/us/helicopter-crash-alaska.html|access-date=2021-03-31|issn=0362-4331}} He also owned one of the largest collections of photographs taken by Josef Sudek.

He was an avid fan of the Jára Cimrman plays,{{cn|date=March 2025}} as result PPF Group is a sponsor of {{Interlanguage link|Jára Cimrman Theatre|cs|Divadlo Járy Cimrmana}} since 1999.{{Cite web |title=PPF Group {{!}} Divadlo Járy Cimrmana |url=https://web.archive.org/web/20221002223708/https://www.ppf.eu/divadlo-jary-cimrmana |access-date=2022-04-17 |website=PPF Group |language=cs}}

Death

{{Location map|Alaska|label=Knik Glacier|caption=Approximate location of the accident, Knik Glacier (Alaska)|mark=Red_pog.svg

|lat=61.3675|long=-148.2986|width=300|float=right}}

Kellner died on 27 March 2021 in an Airbus AS350 B3 helicopter crash,{{Cite news|last=Švamberk |first=Alex |date=29 March 2021 |title=Co zatím víme o nehodě Petra Kellnera |trans-title=What we know so far about Petr Kellner's accident |website=Novinky.cz|url=https://www.novinky.cz/zahranicni/amerika/clanek/co-zatim-vime-o-nehode-petra-kellnera-40355423 |publisher=Borgis}} while heliskiing in Alaska's backcountry near Knik Glacier, {{convert|50|mile}} east of Anchorage, along with four other people.{{Cite web|date=28 March 2021|title=Helicopter crash in Alaska backcountry ski trip kills 5|url=https://apnews.com/article/alaska-helicopter-crashes-transportation-glaciers-386435b35f6f1164c93fd98c03aacba2|access-date=29 March 2021|website=AP NEWS}}{{Cite news|url=https://www.nytimes.com/2021/03/29/us/helicopter-crash-alaska.html|title=Czech Billionaire Is Among 5 Killed in Heli-Skiing Crash Near Alaska Glacier|first1=Neil|last1=Vigdor|first2=Livia|last2=Albeck-Ripka|newspaper=The New York Times|date=29 March 2021}} The helicopter crashed into a mountain between Metal Creek and Grasshopper Valley at about {{convert|5500|ft}}, 10 or 15 feet (3 or 4 m) from the top of the ridge, and rolled some 800 or 900 feet (240 or 270 m) downhill.{{Cite web|url=https://www.adn.com/alaska-news/2021/03/29/ntsb-helicopter-crash-that-killed-5-occurred-near-the-top-of-a-high-ridge-above-the-knik-glacier/|title=NTSB: Helicopter crash that killed 5 occurred near top of high ridge above Knik Glacier|date=29 March 2021|website=Anchorage Daily News}} The missing helicopter was reported to the authorities two hours after the tracking signal stopped.{{Cite web|last=Hollander|first=Zaz|url=https://www.adn.com/alaska-news/aviation/2021/03/31/2-hours-lapsed-between-last-signal-and-overdue-report-on-fatal-alaska-helicopter-flight/|title = 2 hours lapsed between last signal and overdue report on fatal Alaska helicopter flight|date=2021-03-31|website=Anchorage Daily News|access-date=2021-06-06}} According to the preliminary report, GPS data show the helicopter hovered at a low altitude and speed (about one knot, about 1 mph), maneuvering over the ridge in the last three minutes of the flight. It crashed at about 18:35 AKDT.{{Cite web|last1=Burke|first1=Jill|last2=Cordova|first2=Gilbert|title=NTSB releases preliminary on deadly helicopter crash near Knik Glacier|url=https://www.alaskasnewssource.com/2021/04/13/ntsb-preliminary-report-out-on-deadly-helicopter-crash-near-knik-glacier/|access-date=2021-06-06|website=Alaskasnewssource.com|date=13 April 2021 }} According to court filings, Kellner survived the crash but “died while waiting for rescue”.