Saturday, 27 October 2018

Can Ivica Todorić Frustrate or Delay his Return to Croatia?

The Ivica Todorić latest... Although the High Court in London refused the former Agrokor boss' appeal and confirmed that it was indeed now time for him to return to Croatia, there is another possible remedy to his situation: a request for appeal to the Supreme Court. It ain't over til the fat lady sings, as they say in Ole' Blighty.

As Poslovni Dnevnik writes on the 26th of October, 2018, despite being very much under the watchful eye of the Metropolitan police, Ivica Todorić is still at relative liberty in the British capital. After the High Court refused his appeal and confirmed his extradition to Croatia, it doesn't necessarily mean we've come to the very end of the line. Let us not pretend that the chances of him managing to slither out of this situation are great, they aren't, the possibilities of success in him submitting an appeal to the Supreme Court are extremely narrow. Such a move could only really ''take off'' if his rights have been somehow violated, for example, as N1 reports.

Jadranka Sloković, Ivica Todorić's attorney, says she doesn't know whether or not Todorić will decide to attempt to go down that route.

"That's not my decision," she stated simply. It appears also that nobody is quite sure when Todorić will have to return to Croatia at all.

"I don't know exactly when those deadlines are, and according to what I've heard from his English lawyers, it can take about three to four weeks, a maximum of four weeks. Even if he was to go along with this appeal and it ends up getting rejected, it's about four weeks,'' noted Sloković.

Paperwork and red tape will be, as usual, the main hold up should there be any delays in the upcoming process. The transfer from London, where Todorić has been living for about a year, back to Zagreb, needs to be very carefully arranged by the police in Zagreb and in London, as well dealing with who will accompany him on what will likely be a very regular flight from England to Croatia.

"That's all their thing, and as you know, these processes aren't public so we can't talk about them," stated Davor Božinović, the current Croatian Minister of the Interior.

Back in Croatia in Remetinec (Zagreb prison), a decision on the appeal has been being awaited, and a witness who is apparently currently not in Croatia should be questioned.

Todorić's defense thinks that that one witness in question poses no reason for Todorić to be held in custody, but the Zagreb County State Attorney's Office is sticking to its guns. The real question is does it actually make any sense.

"I don't think that it's likely to be for this reason alone, even the court in London has allowed him (Todorić) to remain at liberty with precautionary measures in place," said Aleksandar Maršavelski, a professor of law at the Faculty of Law in Zagreb.

While the Zagreb State Attorney's Office continues investigating, it has, at least currently, revealed absolutely nothing about its plans regarding this issue.

In addition to the questioning of various witnesses, an ongoing accounting audit should be carried out within the scope of the investigation - this will apparently be carried out by a Polish company. Involved attorneys are not particularly pleased with this because they believe, among other things, that this will slow the process down even more and increase costs. They aren't sure it will even be completed on time.

Fran Olujić, Ante Todorić's lawyer stated that he has serious doubts that such an examination can be carried out and completed in the time given, which is a mere three months.

The Agrokor case which rocked Croatia has been being led against Todorić and numerous others who once made up the gigantic company's former management body for an entire year.

Follow the latest news about the former Agrokor supremo here.

Friday, 26 October 2018

Court Rejects Complaints against Agrokor Settlement

ZAGREB, October 26, 2018 - The Zagreb High Commercial Court on Friday published a ruling whereby it rejected 87 complaints filed by creditors of the indebted Agrokor food and retail group against a Zagreb Commercial Court ruling of early July which confirmed a debt settlement agreement with the group's creditors in the process of emergency administration at Agrokor.

In its ruling of July 6, the Zagreb Commercial Court confirmed the debt settlement agreement that was accepted on July 4 by Agrokor's creditors in the process of emergency administration, and it ruled that the implementation of the settlement would be supervised by the court, the emergency administrator and the temporary board of creditors.

The court also ruled that the process of emergency administration would end once the settlement agreement was implemented and that the agreement would be in force as of the day when the ruling confirming the settlement was announced and that it would also apply to creditors who did not participate in the emergency administration procedure as well as to those who did participate and whose contested claims were subsequently determined.

The total claims of Agrokor's creditors with voting rights amounted to 33.76 billion kuna. Creditors with claims totalling 22.08 billion kuna (80.2% of creditors with voting rights) voted in favour of the debt settlement agreement, while creditors with claims totalling 4.7 billion kuna voted against.

The High Commercial Court rejected 87 complaints, and two creditors withdrew their complaints, the court said in its ruling today.

The government on Wednesday adopted a report on the implementation of the law on emergency administration at Agrokor, with Economy Minister Darko Horvat saying that the financial restructuring had been completed and the emergency administration had taken the necessary steps to start overall restructuring by implementing the settlement.

With the settlement agreement having been declared final, the process of its implementation will start and it is expected to last three to four months.

Agrokor emergency administrator Fabris Peruško said on Friday that the High Commercial Court's ruling dismissing appeals against the debt settlement agreement for the indebted food and retail group confirmed the lawfulness of the procedure to reach the settlement deal and was the most important precondition for starting the implementation of the settlement. "The High Commercial Court has fully confirmed the lawfulness of all stages of the procedure to reach agreement on debt settlement and have it supported by the creditors. The emergency administration is glad about this, and I believe that all creditors who voted for the settlement deal in July are too," said Peruško.

He added that the court ruling, delivered today, constituted the most important precondition for launching the implementation of the deal that would eventually enable the creditors to take over the company's management.

After the completion of the settlement process, Agrokor will be owned by the present creditors. The largest stakes will be held by Russian banks Sberbank and VTB (39.2 percent and 7.5 percent respectively) and bond holders (25 percent).

To follow the latest from Agrokor, follow TCN coverage here.

Friday, 26 October 2018

Croatian Government Comments on Todorić Extradition

ZAGREB, October 25, 2018 - Justice Minister Dražen Bošnjaković said on Thursday it was not known exactly when the UK would extradite Agrokor founder Ivica Todorić to Croatia but that the Croatian Government  would make it happen in the shortest time possible.

Thursday, 25 October 2018

Ivica Todorić Comments on Extradition Decision: ''This Won't Stop Me''

With his extradition now confirmed and looming, the former Agrokor boss still isn't giving up. The latest from Ivica Todorić.

Thursday, 25 October 2018

Ivica Todorić to be Extradited to Croatia from the UK

ZAGREB, October 25, 2018 - The founder of the Agrokor food and retail conglomerate, Ivica Todorić, will be extradited to Croatia, British judge Duncan Ouseley ruled on Thursday.

Wednesday, 24 October 2018

London Court to Decide on Todorić's Extradition Appeal on Thursday

ZAGREB, October 24, 2018 - London's High Court is expected on Thursday to deliver a final ruling on the right of the founder of the Croatian Agrokor food and retail group, Ivica Todorić, to appeal against the lower-court ruling on his extradition to Croatia.ZAGREB, October 24, 2018 - London's High Court is expected on Thursday to deliver a final ruling on the right of the founder of the Croatian Agrokor food and retail group, Ivica Todorić, to appeal against the lower-court ruling on his extradition to Croatia.

Tuesday, 23 October 2018

Ivica Todorić's Daughter Renting Out Kulmerovi Dvori for Weddings, Events

A new business venture for the daughter of the former Agrokor boss?

Thursday, 11 October 2018

Agrokor Group's Operating Profit Reaches 1.4 Billion Kuna

ZAGREB, October 11, 2018 - The Agrokor Group generated 16.07 billion kuna in revenues in the first eight months of the year, less than planned, while EBITDA was more than planned at 1.46 billion kuna, according to a report the emergency administration in the food and retail conglomerate released on Thursday.

Friday, 28 September 2018

Conflict of Interest Proceedings Launched against Prime Minister

ZAGREB, September 28, 2018 - The Conflict of Interest Commission decided on Friday to launch proceedings against Prime Minister Andrej Plenković and the leader of the opposition MOST party and Deputy Speaker of Parliament Božo Petrov, over their activities in the drafting of the law on the indebted Agrokor food and retail conglomerate.

Friday, 14 September 2018

Agrokor's Fabris Peruško: ''I'm Especially Proud of Konzum''

Agrokor's extraordinary administrator expresses his feelings of pride in regard to Konzum's recovery and position on the market.

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