A crushing blow to Croatia’s largest privately owned company as Russia’s Sberbank wins in its first court case against Agrokor.
As Reuters reports on the 16th of October, 2017, Russia’s Sberbank, otherwise Agrokor’s largest creditor, has won in its first court case against the massively indebted company.
This is the first of several court cases launched by the Russian lender and if this win is to set the tone for things to come, then things are looking ever more dire indeed for Croatia’s increasingly burdened company.
As Reuters states, in this court case (otherwise one of many), the Russian lender filed for the repayment of Agrokor’s debt following the approval of a Bosnian court after it said yes to the sale of its stake in a Bosnian company. The Kiseljak court has ordered that a 41.18% stake in the Jamnica company should be used as a collateral for the massive debt payment. The motions were filed by Sberbank branches in Slovenia and Croatia and the court approved collaterals worth 67.4 million Bosnian marks (BAM) ($40.7 million) each.
Among the very many issues facing Agrokor and indeed Ivica Todorić himself, Sberbank, one of the struggling company’s disillusioned creditors, but most importantly the largest of them all, launched legal proceedings against Agrokor which aren’t limited to being within Croatia’s borders, but stretch across Europe, from Serbia, Montenegro and Slovenia to England and Wales.
To find out more from Reuters, click here.