Police arrest Agrokor’s executives

Croatian police arrested yesterday 12 persons connected to Agrokor. However, the concern’s owner, Ivica Todoric, and his sons Ante and Ivan, were not among those arrested.

According to the media reports, Ivica Todoric and his sons are probably in London.

Among those arrested were Ivan Crnjac, Agrokor’s former deputy finance and strategy president, and Ljerka Puljic, the ex-supervisory board member and top aide of founder Ivica Todoric, as well as the board member Tomislav Lucic, the state news agency HINA said.

The police also detained Agrokor’s former management members Piruska Canjuga and Damir Kustrak, former vice-president Mislav Galic and another two executives, Marijan Alagusic and Alojzije Pandzic.

Todoric’s lawyer, Jadranka Slokovic, said that his residence was also raided but she could not provide any more details. She said the arrests of Agrokor’s former executives was “the start of a political showdown with Todoric,” HINA reported.

The state prosecutor’s office DORH said in a statement the investigation targeted 15 individuals “suspected of economic crimes and fraud”. Local media reported that some 300 police officers were engaged in the operation.

DORH did not issue any official statement after the arrests but local media said those detained would be taken to DORH premises for questioning on Tuesday.

According to the unofficial information, Agrokor’s receivership administrator, Ante Ramljak is supposed to travel to Belgrade on Wednesday to discuss the companies in Serbia that operate under the troubled Croatian concern.

FDI consultant, Milan Kovacevic says that it is a possibility for some of the Serbian companies operating under Agrokor to declare bankruptcy but that is more tied to their market position rather than Agrokor. “These companies can be in jeopardy because there are many methods to take the money from them and transfer it to Croatia. We also don’t know if their assets where used as a loan collateral by Agrokor, but if they are, than these assets could be sold”, Kovacevic adds.

(BizLife, Reuters, 16.10.2017)



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