Investigative detention in Croatia for MOL CEO

Issues

According to Croatian news agency HINA, the Zagreb County Court today set investigative detention for MOL CEO Zsolt Hernádi. Hernádi is suspected of bribing former Croatian prime minister Ivo Sanader in exchange for management rights in Croatian oil company INA.

Last November, a Croatian court sentenced Sanader on corruption charges involving the alleged payment of a bribe of millions of euros to give MOL management rights in INA.

The court set detention for Hernádi at the proposal of the Croatian anti-corruption office USKOK, HINA reported; after an investigative judge set detention on the grounds that Hernádi was a flight risk, a warrant for his arrest can be issued, the agency said.

The prosecution opted for detention after Hungary declined to present Hernádi with a subpoena for his questioning in Croatia, HINA reported. Prior to this, Hungarian authorities declined to interrogate Mr Hernádi themselves stating the protection of national interest as the reason for the rejection.

MOL holds a little less than 50% of INA’s shares, and the state of Croatia owns about 45%.
Croatian Prime Minister Zoran Milanović stated a week ago that a court decision on an appeal by Sanader could put the validity of the shareholders agreement in doubt.

MOL’s share price fell by more than HUF 100 after HINA published the report and was down 0.81% to HUF 15,930 as of 1:30pm today.

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