Agrokor Emergency Administrator Explains His Resignation

Total Croatia News

ZAGREB, February 21, 2018 – Agrokor confirmed on Wednesday that the emergency administrator in the conglomerate, Ante Ramljak, had tendered his irrevocable resignation to Prime Minister Andrej Plenković on Tuesday so as not to become an obstacle to the reaching of a settlement.

“Together with my associates and employees of Agrokor, I have stabilised business, we have preserved employment, prevented the ruin of suppliers and created the prerequisites so that now the creditors can and should negotiate a final settlement. Unfortunately, the uncertainty that has been created concerning my staying in the position of emergency administrator is strongly working against this process. I am irrevocably resigning as emergency administrator so as not to personally become an obstacle to the reaching of a settlement. I thank the creditors and employees of Agrokor, the only ones who are important and for whom the procedure of emergency administration exists, for their trust and support,” Ramljak said in his explanation of the resignation.

He came under pressure in late January, when the media reported that he hired his former employer, Texo Management, as a consultant in Agrokor, for which the company receives nearly 250,000 kuna a month. This prompted public discussions about the fees and Ramljak’s possible conflict of interest. At the time, PM Plenković said he did not know the amounts of the consultants’ fees in the restructuring of Agrokor, that he generally did not support those amounts and that he would make a decision after examining a report submitted by Ramljak. It later transpired that Texo was hired by Alix Partners on the same day that the latter company was hired as chief consultant for the restructuring.

In the wake of all that, the parliamentary committee held a session last week at which Ramljak and Economy Minister Martina Dalić were questioned. Ramljak said he was willing to take the blame if MPs and the government concluded that he had compromised the emergency administration procedure.

This week the media reported that Ramljak was formally employed in Texo until 30 April 2017, although he was appointed emergency administrator in Agrokor on 10 April.

Speculation about his resignation emerged on Tuesday. “You will find out everything tomorrow,” Dalić told reporters outside the government late on Tuesday after Ramljak tendered his resignation at a meeting with Plenković and representatives of Agrokor’s creditors.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment