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INA Chairman Tenders Resignation

Energy Trade

Sándor Fasimon, the chairman of Croatian oil and gas company INA, a member of Hungary's MOL Group, has tendered his resignation amid revelations of fraudulent gas trade deals that took place during his watch, INA said in an announcement posted on the website of the Zagreb Stock Exchange on Wednesday, according to a report by state news wire MTI.

Fasimon offered to resign "despite no involvement in any of the wrongful practices that surfaced around INA recently", INA said.

As chairman of the company, "he is accountable and feels moral responsibility for all activities of the company, irrespective of the due care exercised" it added.

Fasimon will continue to perform his duties as chairman until a successor is appointed.

Late in August, Croatian authorities took five people into custody, including the head of INA's gas trade business, Damir Skugor, suspected of defrauding INA of more than HRK 1 billion through gas deals on international markets.

MOL owns a little more than 49% of INA but exercises management rights over the company. The state of Croatia is the other big stakeholder in the company.

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