European Commission says INA stake limit is against EU rules - wire
The European Commission on Wednesday said that a Croatian bill limiting the stake held in oil and gas company INA by shareholders other than the state to 49% was not in line with European Union rules, Croatian news agency Hina reported on Wednesday.
Our services have analysed the bill and found that the bill in its present form does not comply with EU legislation, and we expect our Croatian partners to take this into consideration, Hina quoted the Enlargement Commissioner's spokesman Peter Stano as saying in Brussels.
Stano welcomed the fact that the Croatian authorities had consulted the Commission before passage of the bill, the agency said.
Amendments to the INA Privatisation Act were proposed for a limited period of time pending completion of the trial of former Prime Minister Ivo Sanader, who is suspected of receiving EUR 10m in bribes from Hungarian peer MOL in return for making it possible for MOL to secure a dominant position in the Croatian company and to divest its unprofitable natural gas business, Hina said.
MOL owns a 47.26% stake in INA. The Croatian government holds 44.84%.
ADVERTISEMENT
Number of Liquidations Increasing Rapidly
Orbán's Salary Increased to HUF 4.178 mln
Hungary Tops out HUF 300bn Munitions Complex
Around 2,800 Events Take Place in European Capital of Cultur...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
