The Belgrade Commercial Court has thrown out the request made by the temporary administrator of Agrokor, Ante Ramljak for Agrokor’s company in Serbia come under the jurisdiction of the so-called Lex Agrokor.
To remind, Lex Agrokor, which was adopted by the Croatian Parliament in April this year, stipulates extraordinary administration / crisis management of Agrokor’s companies which liabilities amount to over 7.5 billion Croatian kunas, and which have more than 5,000 employees.
In Serbia, Agrokor owns companies Mercator S supermarket chain, Frikom, Dijamant, Mg Mivela, Kikindski Mlin and Nova Slog. Ramljak filed a motion with the Belgrade Commercial Court in July, requesting for the Croatian law to be applicable to Agrokor’s companies in Serbia.
The Politika daily reports this is only a continuation of the legal saga between the management of the fallen Croatian company and Russian Sberbank, to which the concern owes the most. Application of Lex Agrokor does not provide a guarantee that more than one billion euros borrowed to Ivica Todoric will be paid back. That’s why the Russians have been trying to protect their rights over the past several months at international and regional courts.
Thus, Russian Sberbank submitted a request for a ban to the Commercial Court in Belgrade and the Commercial Court in Zrenjanin on disposal of assets of Frikom and Dijamant.
In mid-July, Ramljak filed the same request with the Ljubljana District Court which, unlike the Belgrade court, decided to allow for Agrokor’s companies in Slovenia (namely Mercator) to be governed by Lex Agrokor.
By doing so, the Ljubljana District Court confirmed has practically allowed Ramljak to declare cross-border bankruptcy on behalf of Agrokor’s companies in Slovenia. Essentially, Ramljak will have the first and last word in the decision on the property of this Croatian concern in Slovenia.
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