Sberbank brings criminal charges against Ivica Todoric

Russia's Sberbank has brought criminal charges against former Agrokor owner Ivica Todoric, who is claimed to have concealed the financial state of the biggest Croatian company before the approval of the loan of EUR 100 million by the bank, Zagreb's Jutarnji List reports in today's issue.

The loan was approved for Agrokor to stabilize the situation and three quarters of the amount were used to repay the suppliers, EUR 21 million was used to repay the taxes and four million was used for employee salaries, the newspaper writes, as reported by the regional TV N1.

The newspaper writes that the Russians are dissatisfied with the status of the loan, which has not been made a priority for repayment, and adds that they didn't want to comment on the criminal charges against Todoric. Agrokor invited its suppliers yesterday to give a statement of intention for taking part in financing the concern, along with the delivery of goods, that is, the provision of services in the amount of up to EUR 50 million.

Agrokor's press release points out that the company signed an agreement on the oldest loan, envisioning drawdowns of up to EUR 100 million, of which 50% is to be used to refinance the old debt and the other 50% for current operations, on June 8, 2017.

The agreement says that Agrokor's suppliers and its related companies can act as creditors, along with the simultaneous delivery of goods, that is, the provision of services. The Croatian Association of Agriculturists has deemed the invitation unlawful.

SBERBANK Rusija

Fortenova grupa d.d.

Sberbank

Agrokor

Ivica Todoric

Croatian Association of Agriculturists

criminal charges against Ivica Todoric