Todorić: ”We’ve Witnessed People Secure Big Money for Themselves!”

Lauren Simmonds

A new blog directly from London.

The ex Agrokor boss writes another blog entry on the 1st of December, 2017, this time analysing Ante Ramljak’s relationship with the Madison Pacific Trust from Hong Kong.

As usual, we bring you Ivica Todorić’s latest blog post translated into English in full below:


”We’re witnesses of processes in Agrokor in which people in management (interest groups and funds) with knowledge, can secure big money for themselves! At the same time, it’s a threat to shareholders, creditors, employees and the Republic of Croatia, because what we’re talking about here are imposed models with only one logic – it isn’t essential if the overall value of Agrokor is destroyed if the basic goal is just to get big money fast. The best indicator [of this] is the roll-up loan arranged in June, and they’re still giving new insurances, the most valuable of Agrokor’s assets, to the benefit of the Madison Pacific Trust in Hong Kong.

The roll-up loan has been designed to plunder huge sums of money, and the profits [being gained] by individuals are completely incomprehensible, and [Ante] Ramljak and the government still refuse to show (make available to the public) the Hong Kong backed deal in which nobody knows who is behind the entire operation. Or, as the question arises, maybe they do know? 
Gentlemen from the government and Agrokor, make the contract available to the public and explain to the Croatian public, exactly which important Croatian economic assets you’ve provided as insurance. Who, if you fail to acheive your plans, becomes the real owner and whose interests will be protected?

It’s clear to everyone that the roll-up loan is unlawful, that the rights of other creditors have been seriously violated and that preferential lending was only intended for the selected few. Now, as I warned you two months ago, Ramljak, contrary to international norms and the principles of pre-bankruptcy and bankruptcy laws and restructuring, takes goodwill brands and Agrokor’s trademarks worth billions and pledges them to the benefit of the Madison Pacific Trust. Those values ​​he’s pledged, Ramljak himself abolished, scandalously scrapped, destroyed and devalorised (devalued) in an illegal manner, WHY?

What’s happening, is actually exactly what I warned [people] about. The extraordinary administration has devalued what is worth billions on the market and is giving it cheaply to their associates who haven’t even invested one euro into Agrokor’s business. What’s going on is epic looting that the institutions of the legal state are watching from the front row. I hope not for too long.

The provisions of the agreement on the establishment of a pledge on trademarks clearly indicate that it’s an act of anti-constitutionality and illegality. There is no doubt about it and the masks will fall when the contract is made available to the public.

Ramljak has forced the management of Agrokor companies to deny legal remedies if Knighthead is taking trademarks, brands, goodwill companies. He’s trying to bypass the Croatian courts and, as he otherwise does, to make a private deal.

Ramljak illegally negotiated with Knighthead that any counter-consistency or nullity of the roll-up contract will not affect the insurance of the trademarks of Agrokor’s companies he have been received. He even agreed that even if the unlawful Lex Agrokor (law) is illegal, Knighthead must not be denied the right to take the most valuable brands!

This entire contract clearly shows that the contracting parties, Agrokor and the Madison Pacific Trust, are fully aware that the roll-ip loan isn’t constitutional and is illegal, so they want to secure it at all costs in order for it to pay off in Hong Kong. This agreement also shows that they’re willing to pull illegal moves that aren’t in accordance with the law.

This contract is at the expense of the company whose administration has signed it. On this occasion, the companies have given the most value they had to the Madison [Pacific] Trust in Hong Kong.

These roll-up agreements are particularly interesting when we know that they could be used for potential arbitrage against Agrokor and the Republic of Croatia.


Ivica Todoric’s blog post translated in full from


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