22 Sep 2017

Challenges Against Croatia by Agrokor’s Ex-Owner?

For the first time since Agrokor—one of the leading regional companies with almost 60,000 employees, became the biggest national news in the Balkans for facing liquidity issues—former Agrokor owner, Ivica Todoric, broke his silence, claiming he gave up control “under duress” and that “this is not Parmalat” indicating a potential and broader legal battle against the Croatian state on multiple fronts?  Possible ramifications may include EU law, state aid & competition issues, constitutional claims, ECHR and even more.  The extensive public announcement issued today and signed by Mr. Todoric points to “an unconstitutional and illegal nationalization” and states he “will exercise all legal actions” in Croatia and before international bodies.

In the above-mentioned announcement, Mr. Todoric points to the enactment of the “unconstitutional act Lex Agrokor” by the highest officials within the Government and Parliament of Croatia and a case of “seizure and nationalisation of private property undocumented in modern-day Europe”.

More on this story, will be available on our site shortly.