Potential Errors Identified in Agrokor’s Financial Reports

Total Croatia News

Ruling coalition crisis is not the only crisis in Croatia these days.

The Agrokor Group, in close co-operation with its advisers, has found potential errors in the group’s financial statements during it’s preliminary verification. Current plans are to appoint PricewaterhouseCoopers as the auditor for 2016, announced Agrokor, reports Večernji List on April 27, 2017.

“The stakeholders are asked not to rely on financial statements from the past until the checks are completed and the situation is properly clarified,” reads Agrokor’s statement.

“The appointment of PricewaterhouseCoopers to implement the audit of the Group’s financial statements for 2016 will result in the need to extend the deadline for the 2016 review of the audited financial statements. The Group expects to publish further report on the progress of the ongoing processes within the next 30 days.” announced the company.

Agrokor’s Commissioner Ante Ramljak visited Sarajevo today and warned that the crisis within the group was still “alarming”, adding that he did not want to spread false optimism, but that he would do everything to stabilise business operations and repay the debts. “Since the moment of taking over this company, the situation we found in the company, above all with regards to the Croatian part of the group, has been very alarming and it still is”, Ramljak told reporters after a meeting with the chairman of the Council of Ministers of Bosnia and Herzegovina, Denis Zvizdić, and representatives of other authorities with whom he discussed the business operations of Agrokor’s companies in that country.

Ramljak told reporters that he had presented interlocuteurs with the situation within Agrokor. “This battle is still going on. I do not intend to spread any false optimism and at this point I cannot say that the situation has changed in the last fifteen days,” said Ramljak.


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