NBS: Lex Agrokor is not valid in Serbia

The National Bank of Serbia (NBS) has confirmed that Lex Agrokor did not apply to the Serbian companies that operate under 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.

The Serbian central bank reacted to the recent reports of the Serbian media that the assets of the companies which operate under Agrokor in Serbia could be used as collateral for future loans that Agrokor might get.

“The relevant courts have decided that Lex Agrokor does not apply to Agrokor’s companies which operate in Serbia which, in practice, means that these companies cannot be used as collateral in Agrokor’s loans”, the National Bank of Serbia says in its press release.

The press release also reads that “the courts in Serbia have to adhere to the Law on Foreign Exchange Transactions” which regulates „contractual provisions on loan collaterals, or other collateral means, that may have been provided by residents, in this case, Serbian companies, for the loan-related transactions between two non-resident companies”.

(SeeBiz, 28.09.2017)



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