Former Prime Minister Bankrupts with 130 Million Kuna in Debt

ZAGREB, March 15, 2018 – The Commercial Court in Zagreb on Thursday ordered a foreclosure of real estate of the bankrupt Niva d.d. company owned by former prime minister Nikica Valentić, which owes creditors more than 130 million kuna, while the conditions and the way of auction sale will set at a later date.

The Niva company was founded in 1995 with a nominal capital of 120,000 kuna. According to its 2016 financial statements submitted to the FINA – Financial Agency, Niva recorded a loss of more than 26 million kuna.

Last year, the Commercial Court advertised a call for creditors of the Niva company owned by former prime minister Nikica Valentić to propose bankruptcy proceedings within 45 days due to the company’s recorded debt of 1.35 million kuna.

Nikica Valentić, a former prime minister, was the company’s director and president of the management board from 1997 to 2011. At the end of 2015, he was appointed as the chairman of the company’s Supervisory Board. Valentić was HDZ’s prime minister from 1993 to 1995.

 

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