MOL Delegates to INA Board Resign

Energy Trade

Members of the management board of Croatian oil and gas company INA delegated by Hungary's MOL have resigned amid revelations of fraudulent gas trade deals that took place under their watch, INA said in an announcement posted on the website of the Zagreb Stock Exchange, according to a report by state news wire MTI.

Ferenc Horváth and József Simola resigned "despite engaging in no way whatsoever in the wrongful practices around INA that surfaced in late August", the company said.

They will continue to perform their duties until successors are 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.

Croatia's government has called for the dismissal of INA's entire board over the case of fraud.

A week earlier, INA chairman Sándor Fasimon tendered his resignation "despite no involvement in any of the wrongful practices that surfaced around INA".

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