Ivica Todorić ”Lends” Himself 842 Million Kuna

Lauren Simmonds

It seems that Ivica Todorić ”lent himself” 842 million kuna, and 14 other companies received handsome loans from the man himself, too.

As tportal reports on the 9th of October, 2017, among the 14 companies are Niva Engineering, Zagreb Montaža owned by Vlado Čović and Com Com, a company which has been in bankruptcy since September. In total, the loans amounted to 1.6 billion kuna at the end of 2015.

Rather than having these funds appear as loans in the books, they’ve been reviewed by Agrokor’s Extraordinary Management as being listed as cash payments.

In the report dated in February this year, Moody’s stated that Agrokor had enough liquidity (cash) to repay debts that are due to mature in 2017 and in 2018. Moody’s analysts said that Agrokor’s reports meant that Ivica Todorić’s group had 2.3 billion kuna ”cash”, while short-term debts and loans amounted to 2.08 billion kuna. In reality, the situation was different, and Agrokor had only 573 million kuna in cash.

Most of the money, Ivica Todorić ”lent” to himself, and this amount totals 842 million kuna. Of this cash, Agrokor loaned 650 million kuna to Todorić as a private person, while 192 million kuna went to Agrokor Projects (Projekti), of which Todorić was the sole owner.

The Agrokor Projects Company is the sole owner of the Dutch company, Adria Group Holding B.V., which holds a 95.52% stake in Agrokor.

Niva Engineering Company, whose owner (until bankruptcy) was former HDZ PM Nikica Valentić, received a 156 million kuna loan directly from Agrokor. Valentić planned to use the funds to work on a construction project for 600 apartments in Črnomerec (district of Zagreb), but failed to do so.

One of the biggest construction companies, Zagreb Montaža, owned by Vlado Čović, obtained 65 million kuna from Ivica Todorić.

Lipa – Promet received 51 million kuna. This company is owned by Sanja Palić, the widow of the late Marijan Palić, who passed away three years ago. Palić was one of the main protagonists of the Croatian financial scene until his premature and tragic death in a car accident.

The ex Agrokor boss lent his son Ivan Todorić and his company (Sun Energy) 47 million kuna. At the beginning of the crisis in Agrokor, Ivan Todorić stepped down from Sun Energy’s ownership, and was replaced by Mara Bekavac. Sun Energy is registered as an electricity producer.

Ante Čule was the owner of the Prima Investments company, to which Todorić lent 39 million kuna. Požeško Zvečevo obtained 34 million kuna, and the Aviva polyclinic received 33 million kuna. The majority owner of Aviva is Agrokor. Ante Ramljak, Agrokor’s government appointed extraordinary commissioner, will likely sell the burdened company’s share in that.

Zagreb’s Vetel company received a 30 million kuna loan. The owner of this company is Ivan Granić, who from 1997 to 1998 was the president of Tisak’s administration, and with Miroslav Kutl, among twelve individuals openly accused in the case of economic malversations at the expense of that company.

To the property agency SK-735, Agrokor lent 20 million kuna. Until 2016, the owner of the company was an entrepreneur from the coastal town of Šibenik, Josip Stojanović Jolly, then Konzum took over, and that is of course now under the control of Agrokor’s extraordinary commissioner, Ante Ramljak.

Since September of this year, Com Com has been in bankruptcy. It was founded back in 2004, and was led by its founder, Ninoslav Pavić, until the business broke down last month. Todorić lent Com Com a cool 13 million kuna.

The company Dalmarina received a loan of 10 million kuna. Its owners are Agrokor and Zagreb Montaža, which belongs to Vlado Čović.

The remaining 11 million kuna in loans went to the companies Stega Tisak (7 million kuna) owned by Marko Štritof, and to Arka (4 million kuna).


Translated from tportal.hr


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