Board members delegated by MOL of the Croatian INA resign

ZAGREB (Croatia), September 16 (SeeNews) – Croatian oil and gas group INA [ZSE:INA] said on Friday that the two representatives of its biggest shareholder, the Hungarian energy company MOL, on the board of directors have resigned amid an ongoing corruption investigation at the INA.

Both Ferenc Horvath and Jozsef Simola have resigned from the INA board “despite in no way engaging in the illicit practices around the INA that surfaced in late August”, the report said. ‘INA in a file at the Zagreb Stock Exchange.

Horvath and Simola will continue to serve as INA board members until their successors are appointed to ensure the continued operation of the business, he added.

The Croatian anti-corruption prosecutor’s office, Uskok, said in late August it had opened an investigation into five people and a local company suspected of reselling natural gas belonging to INA, with damages for INA estimated at 1.046 billion kunas (139 million). dollars/140 million euros). . The five individuals are suspected of having sold INA’s natural gas to the suspected company at prices significantly below market levels between June 2020 and August 27, 2022 and then resold the gas to a foreign buyer at market prices.

Uskok is withholding names of suspects until indictments are issued. According to local media, the main suspects are Damir Skugor, head of the INA’s natural gas retail department, and Josip Surjak, head of the Croatian national bar, as well as the local company OMS-Ulaganje. The five suspects have been arrested and some of them will be detained for a month.

On September 7, INA’s Hungarian CEO, Sandor Fasimon, also resigned.

On September 9, the Croatian government announced that it would propose to the INA supervisory board to dismiss the three Croatian members of the board. Economy Minister Davor Filipovic said all INA board members must resign due to the corruption scandal.

The Croatian government said on Wednesday it had decided to urge INA to increase its domestic natural gas production by 10% and sell it in full to state-owned power company Hrvatska Elektroprivreda.

MOL is INA’s largest shareholder with a 49.08% stake, followed by the Croatian government with 44.84%.

Shares of INA traded at 3,380 kuna on the Zagreb Stock Exchange on Friday intraday.

($=7,521 kuna)

Hrvatska Elektroprivreda dd is one of the biggest companies in SEE, for more reference take a look at top 100 companies

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