MOL acknowledges sentencing of former Croatian PM, calls case "political"


Hungarian oil and gas company MOL on Tuesday acknowledged the sentencing of former Croatian prime minister Ivo Sanader on corruption charges involving the alleged payment of a €5 million bribe to give MOL management rights over Croatian peer INA.

"Obviously we need to respect [the sentence] and regard it as a decision of an independent juridical body of the Republic of Croatia," MOL said.

"However we consider this case to be less about the companies that have been named, but more as a political matter within Croatia," it added.

Sanader was sentenced to ten years in prison on the graft conviction by a court in Zagreb on Tuesday.

MOL recalled it "rejected categorically" accusations made against the company and said it would continue to do so.

"As the largest foreign investor in Croatia we want to contribute to make INA even more successful and profitable," it added.

MOL holds a little less than 50% of INA, slightly more than the stake held by the Croatian government.

MOL shares were down almost 3% early Tuesday afternoon, falling on concerns Croatia could review the company's shareholder agreement with INA.


EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023 Analysis

EBRD Sees Hungary GDP Growth Slowing to 1.5% in 2023

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


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.