In order to enable the main shareholder of Siemens d.d. from Zagreb to forcibly transfer the shares of minority shareholders (who do not wish to divest their shares) into his ownership, the Constitutional Court has decided that ‘no shareholder has the right to ownership of their share protected by the provision of Article 48 of the Constitution’ (guaranteed right of ownership and inheritance).
In this controversial decision, the Constitutional Court emphasizes that in none of the provisions of the Companies Act is the ownership of shares regulated in terms of ownership rights or real rights of the shareholders. Furthermore, this decision of the Constitutional Court introduces for the first time the right of expropriation in the private interest into the Croatian legal system, which until now, according to Article 50 of the Constitution, was granted exclusively to the state in the public interest.
Read more about this in the new issue of Lider, which is available on Zagreb kiosks on Thursday and throughout Croatia on Friday.
