Agrokor Earthquake: As Much As 200 Million Kuna In Pension Funds Lost

Lauren Simmonds

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Incomprehensible losses as shares plummet…

After half a year in ”suspended animation”, the trading of Agrokor’s shares began once again, and Ledo’s shares, which had been worth 11,225 kuna exactly one year ago, dropped to a mere 603 kuna yesterday. Three pension funds lost a massive 200 million kuna in value.

As RTL writes on the 4th of November, 2017, Ledo’s shares on the stock market dropped rapidly and took with them people’s retirement funds. At the same time, Agrokor’s Ante Ramljak, the government appointed extraordinary commissioner, has filed a lawsuit against SDP’s Davor Bernardić for his ”persistent repetition of a series of untruths”. With all this going on in the increasingly volatile Agrokor bubble, there is still no trace of one of Europol’s most wanted men, also known as Ivica Todorić, Agrokor’s former majority owner and boss – but he continues to write his various musings and cast accusations on his blog.

Ledo is still very much in function, and ice cream is of course still being produced. No workers were fired – but the question is whether that will continue to be so next year as well, as the value of the Ledo factory is at a miserable record low.

Agrokor’s woes have taken on a much more personal touch of late. From the missing-in-action Ivica Todorić’s new-found passion for blogging and along with it accusing all and sundry of wrongdoing, deceit and lies, to people suing each other for insults. As previously mentioned and as we reported on earlier today, Ante Ramljak filed a lawsuit against SDP’s Davor Bernardić for apparently spreading falsehoods about him and his lack of transparency in his management of Agrokor, to which Bernardić retaliated bluntly, claiming that ”Plenković’s commissioner won’t stop him from trying to shed light on the truth”. 

All in all, things have gone from the most serious economic issues and dire threats to the country to people hurling insults at one another and other people suing them for it.

“Ramljak should accept criticisms about non-transparency in Agrokor, if he’s offended, then what about those who’re just looking for answers when it comes to Agrokor?” said MOST’s Tomislav Panenić, clearly indicating that Ramljak ought to have thicker skin in this situation.

Two weeks after the issuance of an arrest warrant for Agrokor’s former top dog, there has been absolutely no trace of Ivica Todorić. He was apparently living in London, after having legally registered his residence in the British capital and having allegedly sought asylum in the United Kingdom, following the engagement of one of the most formidable British lawyers – Michael O’Kane. Then, he hopped over to Switzerland and was apparently somewhere near Zurich. Now, who knows where he is?

Despite his vanishing act, he continues to dedicate time to his blog. In one of his posts, he claims that an international team of experts (though not specifying who exactly) have carefully analysed Agrokor’s audit report presented by Ante Ramljak, and said that they found Ramljak’s presentation to be incomplete and imprecise. Although he has quite a way with words (guilty blog reader here, I admit) the police are naturally much more interested in his location than in his online opinions and accusations.

Konzum is also facing restructuring according to Ramljak, and the search for new workers and colleagues is on – in order to attract the masses, the ailing company’s new administration has announced a series of adverts that promise Christmas breaks, Easter breaks, private healthcare and more to everyone who comes to work with them in an extremely troubled system burdened with a massive 58 billion kuna debt.


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