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300 police officers in Croatian capital arresting retail giant Agrokor's key managers

Staff Writer |
The police entered the Kulmer Palace early Monday morning. Three police cars arrived at the estate in Sestina early this morning, about six o'clock, and one vehicle is in front of the complex.

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The big estate in which the Todorić family lives has become increasingly crowded during the morning because of police action.

Interior Minister Davor Božinović said that "all jobs related to Agrokor" are coordinated by the State Attorney's Office.

Anto Nobilo, a lawyer of a former member of the Agrokor Management Board, Piruska Canjuga, on whose doore police knocked Monday morning, said his client was charged as a member of the Management Board who approved the financial statements for the period from 2006 to 2017.

Police also came to Ljerka Puljic, Ivan Crnjac and Damir Kustrak.

There were seven members of the Management Board at the last Agrokor administration, prior to the arrival of Extraordinary Government Commissioner Ante Ramljak. On top was Ivica Todoric as president while his son Ante was vice-president.

The other members of Agrokor's Management Board had titles of executive vice presidents.

Ivan Crnjac, the executive vice president of finance, strategy and capital markets, was the most responsible for the reports.

Hrvoje Balent was executive vice president for central procurement and the services of the company, and he joined the board in 2012.

Piruska Canjuga was executive vice president for business and business development, member of the management board from 2008.

Ivica Sertic was executive vice president for markets, sales and logistics. Mislav Galic was executive vice president of the food business group.

According to available information, Ivica Todoric is not in Croatia.

Moody’s rating agency said it saw average recovery prospects for creditors of Croatia’s highly indebted food group Agrokor to be at between 35 and 65 percent, but closer to the lower end of the range.

Agrokor, the biggest employer in the Balkans region with around 60,000 staff, plunged early this year into a liquidity and debt crisis that threatened to destabilise the Croatian economy and prompted the government to intervene, appointing a crisis management team.

This week an audit revealed Agrokor made a net loss of 11 billion kuna ($1.74 billion) last year.

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