ADVERTISEMENT

Croatia issues arrest warrant for retail giant chief

A police spokeswoman told AFP an international warrant for Ivica Todoric, the prime suspect in an ongoing probe, will be issued once they officially receive the warrant from the prosecutors.

Along with 14 others, including his two sons and other former top executives at the company, Todoric is suspected of abuse of trust, forging official documents and failure to keep proper business records.

Todoric's lawyer Cedo Prodanovic said earlier his client was abroad and would "return when it will be needed".

Local media reported that Todoric was in Britain.

ADVERTISEMENT

Twelve people were detained Monday in a series of raids in the Croatian capital including at Todoric's home, but neither he nor his sons were found.

One his sons, Ante Todoric, returned to Croatia and was questioned by the prosecutors Friday.

However, he declined to comment on his father's whereabouts.

With around 60,000 employees, two-thirds of whom are in Croatia, Agrokor is the largest employer in the Balkans.

The firm also has businesses in neighbouring Bosnia, Serbia and Slovenia.

ADVERTISEMENT

According to an audit published last week, the debt-ridden food group made a loss of 11 billion kunas (1.5 billion euros/$1.8 billion) in 2016 and the value of its capital was cut by nearly three billion euros ($3.5 billion).

The food and retail group ran up its debt through aggressive expansion and expensive borrowing.

The government of the European Union member in April named a crisis manager to lead a restructuring process which would last up to 15 months.

If it was not successful within that time frame, bankruptcy proceedings would be initiated.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

You make bold decisions & live with consequences - Ondo Gov hails Tinubu at 72

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

170 electrical vandalism cases in 2 years, 100 charged to court - EEDC

Tinubu appoints Bello as chairman of code of conduct bureau

Tinubu appoints Bello as chairman of code of conduct bureau

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Don't curse, condemn Nigeria in your sermons - Tinubu tells clerics

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT