Agrokor: Ivica Todorić Resigns as Konzum Supervisory Board President

Total Croatia News

One stockholder, in possession of 25 percent of stocks, voted against the recall of Ivica Todorić

Following the stockholders’ assembly held on Monday, where stockholders did not vote to recall Ivica Todorić as President of the Supervisory Board (SB), the majority owner of Agrokor issued a statement in which he resigned from his position, as reported on June 5, 2017.

Todorić noted that since April 10, 2017, when the Government Commissioner took over the management of the Agrokor crisis, he did not in any way participate in any activities tied to the company.

“I am completely aware that I cannot participate and for me it is completely unacceptable to take part in any management, supervisory or other bodies of Agrokor. I could not assume that the current management of Agrokor is unable to enact its decisions,” the Todorić statement read.

Following the end of an assembly of Konzum stockholders on Monday, Special Commissioner Ante Ramljak said that stockholder representatives did not vote to recall Ivica Todorić from the position of Supervisory Board President, and warned that this would prolong the restructuring of the company, as Hina reported.

Immediately after the assembly, Ramljak pointed out that Ivica Todorić “unfortunately did not resign like the two other SB members did – Ivan Crnjac and Hrvoje Kraljević.”

“Unfortunately, this did not happen, as one stockholder, representative of the Agram group, in possession of 25 percent of stocks, voted against the recall of Ivica Todorić,” said Ramljak.

As he noted, after that there were no options to convene a new SB and change the management of Konzum, considering the fact that Ivica Todorić will remain in the position of SB President. He announced that the new SB will be convened in around 15 days.

Agram Invest and the group came into possession of Konzum stocks based on the “infamous repo contracts,” cited Ramljak.

Asked by reporters how Agram representative Ivan Krivičić explained his vote, Ramljak stated that he said these were his instructions and that he did not have a chance to propose his SB member. But Ramljak also claimed this to be untrue.

Asked if Ivica Todorić is still in control, Ramljak told the media that they should make their own conclusions.

“I believe everything is clear, things are coming into light slowly,” rated Ramljak.

Asked if this affects the restructuring process, he said “of course it does.”

“We did not change the management of Konzum, we did not convene a new SB, things are being prolonged. I am expected to continue the restructuring of the company and now we must simply see what to do and how to proceed,” said Ramljak.

He explained that the SB President is authorised to convene a session, and if he doesn’t do so within 15 days, then other SB members are entitled to do so.

Ramljak added that Konzum is continuing its operations with satisfactory liquidity, and that it is honouring the claims of creditors, but to improve the current result he expected a change in Konzum’s management would take place.

He also noted that the last credit loan for Agrokor is in the process of being arranged.

Reporters demanded a comment on possible financial leaks in Agrokor, and Ramljak said that he cannot say where money is leaking from at this moment in time.

“I believe the leak is much smaller than we all think. This loan will plug all holes and this is absolutely the last loan for Agrokor before the final deal with creditors,” Ramljak concluded with the fact that the loan will be known in two or three days.


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