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News 09 Oct 17

Agrokor Manager Files Crime Charges Against Todoric

After revealing all the debts owed by Croatia's troubled economic giant, Agrokor, the company's state-appointed manager has confirmed filing a criminal charge against the former management, including the owner, Ivica Todoric.

Sven Milekic
Ivica Todoric, owner of Agrokor. Photo: Beta

Ante Ramljak, the state-appointed extrordinary manager of Croatia's biggest company, Agrokor, told the media on Monday that he had filed a criminal charge against the “responsible persons” in the former management.

Led by the company’s owner and founder, Ivica Todoric, they had failed to disclose the company’s full losses in its financial accounts.

The results of a financial review of the whole Agrokor group and its mother company showed that, instead of a reported profit of 160 million euros in 2015, the group actually ran up losses of 480 million euros.

Since the report showed up major accounting irregularities, the wrong classification of financial commitments for loans and transfers of company money for private needs, Ramljak said he had filed a criminal charge to the state attorney's office, the DORH.

“I can’t give details. It is for DORH now to do its part of the job,” Ramljak said, saying that he had reported all the persons in Agrokor’s management in 2016, including Todoric.

Ramljak did not comment on earlier reports that Todoric had filed a criminal charge against him.

“It is hardest for him [Todoric] at this moment; he knows everything that has happened here [in Agrokor] … I think he will have to answer a lot of questions somewhere,” he concluded.

The financial report for some of the main Agrokor subsidiaries, presented last Thursday, already showed a great gap between the figures contained in the company report in 2015 and those contained in the recent review.

The company's role in the economy of Croatia is massive, with revenues of 6.5 billion euros in 2015 – almost 16 per cent of Croatia's total GDP – and around 40,000 employees.

Agrokor employs another 20,000 people in neighbouring Bosnia and Serbia, while it is believed that suppliers and companies for the Slovenian retailer Mercator – which Agrokor bought in 2014 – employ around 70,000 people in Slovenia as well.

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