Gediminas Žiemelis

Gediminas Žiemelis
Born (1977-04-04) April 4, 1977
Vilnius, Lithuanian SSR
EducationMykolas Romeris University
Vilnius Gediminas Technical University
OccupationsBusinessman, business consultant
Known forWealthiest person in Lithuania


Gediminas Žiemelis (born April 4, 1977) is a Lithuanian–Turkish[1] businessman. He is currently the chairman of the board at Avia Solutions Group and former chairman of the board, founder and UBO[2] at Vertas Management AB (former ZIA Valda).[3] Since 2022 Gediminas Žiemelis has been listed as the richest Lithuanian.[4][5][6] In 2024 his assets were estimated to be worth about 2.8 billion euros.[6][7]

Biography

Gediminas Žiemelis was born into poverty in Soviet-occupied Lithuania in 1977. In 1956, after Stalin died, the family returned from deportation in Siberia back to Lithuania while his mother was still a child. At the age of 19, in 1996, Žiemelis started his first company, a credit management and verification system, which he sold in 2004.[8] Since then, he launched over 100 start-ups in different industries, managed four successful IPO/SPOs and raised over €1 billion in global capital and bond markets.[9]

In 2023, Žiemelis ranked as one of Lithuania's most influential businessmen by Delfi.lt.[10] He is regular columnist for AeroTime since 2019, where he writes about the aviation industry's trends.[11] In 2016, he was recognized for his business skills with the European Business Award.[12][13]

Business

Most of Žiemelis' wealth is derived from his stake in the aviation industry.[14] He has invested in multiple businesses across several different sectors and has taken five companies public.[15] In 2010, as chairman of the board of aviation company Avia Solutions Group (ASG), he started the process of taking the company to an initial public offering (IPO). However, the IPO was postponed for one year due to what Žiemelis considered a low opening share price.[16] In 2011, ASG became the first Lithuanian company to be listed on the Warsaw Stock Exchange.[17] In 2013, also as chairman of the board of Avia AM Leasing (an aircraft leasing, acquisition and sales company), Žiemelis led the company to an IPO on the Warsaw Stock Exchange.[18][19] In 2014, Žiemelis launched international duty-free operator Globus Distribution with partner ŽIA valda.[20][21] In 2017 he established the pharmaceutical holding company Pharnasanta Group.[22] As of 2024 he is no longer associated with the company.[23]

Awards

He was named twice as one of the most talented young leaders in the global aerospace industry under age 40 according to the Aviation Week.[24] He was also acknowledged by the European Business Awards and received the national champion award in the entrepreneurship category for his approach to business development while leading Avia Solutions Group.[25]

Controversies

Gediminas Žiemelis has had issues with Lithuanian national security agencies, which have identified his businesses as national security threat.[26] Žiemelis appealed, but Lithuanian courts sided with Lithuania's national security agencies.[27] Similar concerns have been raised in Finland.[28] Several reports have singled out Žiemelis ties to the Kremlin.[29] Lithuanian institutions have also blocked Žiemelis and his businesses' transactions as well as expansions due to national security concerns.[30][31]

Basketball

In 2022, Gediminas Žiemelis introduced his basketball club BC Wolves.[32] BC Wolves are already competing in the Lithuanian Basketball League (LKL) and the European North Basketball League (ENBL). The club is currently playing its home matches in Alytus Arena but will move to the newly renovated Avia Solutions Group Arena in Vilnius in 2023.[33]

References

  1. ^ "Žiemelis pasinaudojo teise į daugybinę pilietybę – tapo Turkijos piliečiu". Delfi (in Lithuanian). July 8, 2024. Retrieved June 20, 2025.
  2. ^ "Board of Directors". Vertas Management. 2023.
  3. ^ "ZIA Valda Board of Directors". ZIA Valda. Retrieved March 12, 2018.
  4. ^ "Paskelbtas šalies turtingiausiųjų sąrašas: šiemet jo viršūnėje – G. Žiemelis". Lrytas. November 24, 2022.
  5. ^ "Kuo verčiasi turtingiausi lietuviai ir kokios veiklos leidžia uždirbti daugiausia?". IQ. December 3, 2023.
  6. ^ a b "500 turtingiausių Lietuvoje: milijardieriai išsaugojo pozicijas, aukščiausiai pakilęs naujokas – V. Germanas". Alfa.lt. November 26, 2024.
  7. ^ "Turtingiausių Lietuvos žmonių sąraše pirmauja Žiemelis, figūruoja ir Germanas". lrt.lt/. November 26, 2024.
  8. ^ Mulligan, John (January 25, 2024). "From poverty under Soviet rule to a $12bn jet order, boss of Dublin-based Avia Solutions Group plots future growth". Irish Independent. Among those deported, his maternal grandmother. Shipped to Siberia; Žiemelis' mother was born in Siberia, but when Stalin died, they managed to return to Lithuania.It was 1956. In 1996, when he was 19, he started his first business – a credit management and verification system. He sold it in 2004.
  9. ^ "Gediminas Ziemelis, Chairman of the Board at ASG:'The high cost of waiting: how supply chain delays hurt airlines' bottom line'". The Baltic Times. March 18, 2025. With a career extending over 27 years, Gediminas has founded more than 100 start-ups, 50% of which are still in operation, led companies through 4 successful IPO/SPO processes, and raised over €1.0 billion in global public capital and bond markets.
  10. ^ "Industry association head ranked Lithuania's most influential businessman". lrt.lt. August 23, 2023. Retrieved August 24, 2023.
  11. ^ "Gediminas Žiemelis". AeroTime.
  12. ^ "Chairman of the Board Of Avia Solutions Group Gediminas Ziemelis: Did aviation's estimated 73% revenue growth hold up in 2022?". Baltic Times. December 19, 2022.
  13. ^ "Gediminas Žiemelis: No Equal Opportunities in Aviation Industry". Kazimieras Simonavicius University.
  14. ^ "Kuo verčiasi turtingiausi lietuviai ir kokios veiklos leidžia uždirbti daugiausia? Skaitykite daugiau". iq.lt. December 3, 2023.
  15. ^ Arlidge, John (October 11, 2024). "'Trump is a dealmaker': Gediminas Žiemelis, Lithuania's richest man, on basketball, Boeing and being fired". Spear's.
  16. ^ ""Avia Solutions Group" IPO Lenkijoje patyrė nesėkmę Skaitykite daugiau". Delfi.lt. December 1, 2010.
  17. ^ "Avia Solutions IPO and First Foreign-Market Listing of Lithuanian Shares". TGS Baltic. January 1, 2011.
  18. ^ "Warsaw Stock Exchange:The Biggest Foreign IPO This Year-AviaAM Leasing is the 54th Foreign Issuer Listed on the WSE and the 3rd foreign company to introduce its shares to the main market in 2013". mondovisione. June 28, 2013. Archived from the original on January 29, 2020. Retrieved April 9, 2025.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  19. ^ "Avia AM Leasing considers IPO and listing on the Warsaw Stock Exchange". Center for Aviation. July 9, 2013.
  20. ^ "Lithuanian Avia Solutions Group teams up with Russians for cargo airline". L24.lt. February 6, 2016.
  21. ^ Ciulada, Paul (May 8, 2014). "Ziemelis is creating a chain of 40 duty-free shops". Verslo zinios.
  22. ^ "ZIA Valda enters pharmaceuticals business with new Pharnasanta group". Lrytas.lt. Archived from the original on June 25, 2018. Retrieved March 12, 2018.
  23. ^ "Management". Pharmasanta Group.
  24. ^ "Gediminas Ziemelis". AeroTime.
  25. ^ "Profile Of Gediminas Ziemelis, Owner Of BBN Airlines Who Becomes A New Competitor In The Indonesian Aviation Industry". VOI. October 2, 2024.
  26. ^ "Thursday's papers: Basketball tycoon's Russian ties, catching flies with vinegar, and rural versus urban lifestyle". Yle. August 29, 2024. Archived from the original on September 12, 2025. Retrieved September 12, 2025.
  27. ^ The Baltic Course - Балтийский курс (September 12, 2025). "Lithuanian court upholds termination of border service's deal with Helisota". The Baltic Course. Archived from the original on September 12, 2025. Retrieved September 12, 2025. The Lithuanian State Border Guard Service's move to terminate a contract with Helisota helicopter and aircraft repairs company, which is indirectly owned by businessman Gediminas Ziemelis, was legitimate, as the contract threatened Lithuania's national security, the Court of Appeals ruled, cites LETA/BNS
  28. ^ "Friday's papers: Airport security concerns, praying homosexuality away and August's stormy end". Yle. August 30, 2024. Archived from the original on September 10, 2024. Retrieved September 12, 2025.
  29. ^ Andrukaitytė, Milena (May 11, 2021). "Khodorkovsky report singles out Kremlin links to Lithuanian aviation company". Lithuanian National Radio and Television. Archived from the original on September 12, 2025. Retrieved September 12, 2025.
  30. ^ Andrijauskas, Donatas (July 27, 2025). "MFA: Gediminas Žiemelis' company's activities and transactions may be suspended". MadeinVilnius.lt. Archived from the original on September 12, 2025. Retrieved September 12, 2025.
  31. ^ "National security panel blocks Avia Solutions expansion plans at Vilnius Airport". Lithuanian National Radio and Television. February 26, 2021. Archived from the original on September 12, 2025. Retrieved September 12, 2025.
  32. ^ "Pristatytas Žiemelio klubo pavadinimas". basketnews.lt (in Lithuanian). Retrieved March 13, 2023.
  33. ^ "Žiemelis atvertė kortas – pristatytas klubo pavadinimas ir logotipas". lrt.lt (in Lithuanian). June 30, 2022. Retrieved March 13, 2023.
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