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Who has the right to purchase INA shares

The Association of Retirees from INA has requested the Government to publish a list of employees of the INA group based on which the maximum package of 18 privileged shares that an employee who has spent more than a year in INA can purchase was determined.

The Law on INA stipulates the sale of a maximum of 700,000 shares to employees under special conditions, and the basis for such calculation was a list of about 45,000 employees, which the Association considers to be “unverified and obviously inflated.” Therefore, they are requesting the Government to publish the list of employees in an open letter, and the Association will, as stated in the statement, immediately determine how many of them are deceased.

The Association states that about 10,000 former employees submitted the requested documentation in response to two public calls from INA, and that approximately 16,000 current employees should be added to this, resulting in a total of 26,000 registered employees with the right to purchase shares. The Association assumes that around 5,000 former employees have not registered so far due to illness or lack of information. They also request that the Government explain on what criteria about 8,000 “transient” employees, who spent less than a full year in INA, were rewarded with the right to purchase eight shares.

The open letter from the Association was also sent to the State Attorney’s Office of the Republic of Croatia, stating that if enough shares remain after the first round of sales, the Government will not proportionally increase the maximum package of 18 shares, but will, contrary to the Law on the Privatization of INA, invite employees to enter into contracts for the purchase of the remaining shares through another public call, but without discounts.

The remaining shares that will not be sold in the second round will remain the property of the Republic of Croatia. The Association believes that this part of the decision opens the possibility for the Government to legally trade at the expense of employees who do not respond to the public call for the purchase of shares. They expect that at least 250,000 shares will remain after the first round of sales and that employees will be harmed by at least 125 million kuna due to the implementation of the Government’s Decision. (H)