Croatia calls for the dismissal of its representatives on the INA board

ZAGREB (Croatia), September 9 (SeeNews) – The Croatian government has announced that it will propose to the supervisory board of the local oil and gas group INA [ZSE:INA]of which the Hungarian energy company MOL is the main shareholder, to dismiss the three Croatian members of the board of directors.

The Croatian members of the INA board are Niko Dalic, Barbara Doric and Darko Markotic, the government said in a statement on Thursday, a day after Economy Minister Davor Filipovic said that all members of the board of directors were to resign as part of an ongoing investigation into corruption in the oil and gas group.

There are also two Hungarian board members, Jozsef Simola and Ferenc Horvath.

INA’s Hungarian CEO Sandor Fasimon resigned on Wednesday amid a corruption probe into the resale of natural gas by lower company executives, and the Croatian government announced plans to ban exports of natural gas produced locally by INA.

The Croatian anti-corruption prosecutor’s office, Uskok, said in late August that 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 kuna ($141 million/€140 million). ).

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 the market price, generating an unjustified profit of at least 848 million kuna.

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.

INA shares last traded on Wednesday, closing at 3,380 kuna on the Zagreb Stock Exchange.

($=7,520 kuna)

INA-Industrija Nafte dd is one of the largest companies in SEE, for more reference take a look at the top 100 companies

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