A sum of HRK 29 million that was supposed to be invested in the luxurious resort Hotels Plat near Dubrovnik has been redirected to Agrokor, reports DuList.
The Croatian Bank for Reconstruction and Development (HBOR) approved funding for the renovation project of the hotel complex, and yet the sum is now being loaned to Agrokor. In 2014, Karisma Resorts International and Agrokor co-founded a company called HKA četiri d.o.o in order to participate in a public contest for privatisation of 92.5% of shares in Hoteli Plat d.d. This means Agrokor first invested in the project, then pledged their shares after the recent collapse, then borrowed money they invested in the first place. A couple of months ago, in case of non-payment of liabilities, Agrokor would’ve undergone an enforcement procedure that would have their shares sold to a new investor. However, such an outcome is now prevented by Lex Agrokor.
As Agrokor didn’t repay the major part of the loan, they inflicted damages on both HBOR and the citizens of Croatia. Sources say HBOR wasn’t even informed about the ongoing situation on time.
