Ivica Todorić Publishes His ”Truth About Agrokor”

Lauren Simmonds

The ex Agrokor boss takes to his blog once again in light of new findings….

As Poslovni Dnevnik reports on the 12th of October, 2017, after Agrokor’s government appointed extraordinary commissioner Ante Ramljak presented the Consolidated Audit of Agrokor’s business operations on Monday, Ivica Todorić unsurprisingly decided to make a few comments.

”I’ve said all along that the company had a firm plan for steady and successful development and that there were no arguments for the act of nationalisation through the unconstitutional [implementation of] Lex Agrokor.

If my team and I came out with figures many people wouldn’t have believed them, so I had to wait patiently. Now that the Consolidated Balances for the Agrokor Group for 2015/2016 have finally come out, issued by Agrokor’s extraordinary administration, and revised by the PwC audit agency, I’d like to address the public with the facts which confirm the published balance sheets.

I want to show all the stakeholders related to Agrokor, the public and all interested parties, that the figures presented by the extraordinary administration of Agrokor mostly state the following – that the total liabilities of the Agrokor Group in 2016 grew about 2% compared to 2015, when we had an investment of 700,000,000 kuna. Our obligations to our suppliers increased by 2.5%, and 300.000.000 kuna respectively.

1.) There have been no changes in relation to 2015!

2.) In the meantime, in 2016, we rescheduled the 2 + 1 year debt.

3.) Agrokor was the home of the largest IPO in the history of this field in Europe.

4.) We were finally preparing for one good season for Agrokor…….

We were in a much more favourable position than [we were in] in 2015. That’s the TRUTH about Agrokor! Agrokor didn’t need any legal protection. We needed the support of just one group of people in power, who, in the coming days, will see the damage that has been done to Croatia and to all the shares in Agrokor.

I’d ask the suppliers to look at these numbers. I’d ask the stakeholders to look at these numbers. When I talk about numbers and financial statements, I’m responsibly claiming that we’ve already found several billion kuna’s worth of irregularities in our reports so far. A lot of it is abnormal. However, in the coming days, we’ll talk in more detail about it. Everyone in Agrokor knows about the Zero report from Deloitte Touche, where Agrokor’s total debts amounted to 42 billion kuna, and today, 56 billion kuna are shown. Someone obviously wants to undermine Agrokor in order to literally spend huge amounts of money. Once again, I want to accurately emphasise – the figures issued by Agrokor’s extraordinary administration aren’t accurate!

A lot has been done incorrectly and illegally with a lot of manipulation in regard to the financial reports. The number of debts to suppliers and the number of loans are accurate, and Agrokor was better off in 2016!!”

Translated from ivicatodoric.hr


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