Hungarians May Lose INA Due to Agreement with Polančec

OMW lobbyist Marijan Kostrenčić believes that the last contract between the Government and MOL should be annulled and that the EU should be involved in the investigation. New insights regarding Podravka could lead to the annulment of the contract by which the Government entrusted the management of INA to the Hungarian MOL.

If it is proven that MOL influenced the financing of Podravka with 34 million euros through OTP Bank in order to gain greater influence in INA in return, then this is, legally speaking, a criminal intent whose consequence is the annulment of the contract. Večernji reminded us of the detail of a previously secret contract regarding how OTP Bank financed shares of Podravka stored in Malta with 34 million euros, and the repayment of the loan was guaranteed by INA shares. Negotiations for the takeover of the loan for Podravka’s shares were conducted in parallel with negotiations between the Government and MOL regarding the management rights of the Hungarian oil company in INA. The negotiations were led by then Deputy Prime Minister and Podravka’s Damir Polančec, and they ended with MOL obtaining controlling management rights with a 47 percent ownership stake in INA.

– It is a sad coincidence that negotiations regarding the OTP and Podravka contract and negotiations regarding INA were conducted in parallel, and this should indeed be investigated – says Marijan Kostrenčić, lobbyist for OMV. He states that the deal regarding the sale of INA was not conducted properly and that, as a representative of OMW, which is the other interested party, no one even asked him what he thinks about the sale of the domestic oil company. The loan agreement for Podravka, which is guaranteed by INA shares, given that the creditor is OTP Bank which has the same owner as MOL, is very suspicious for Kostrenčić, and he believes it should be investigated, and that the investigation should be elevated to the level of the European Union. – If it is proven that MOL had an improper intention in this operation, then that is a reason for the annulment of the contract for the transfer of INA – says Kostrenčić.

A corporate law expert states that, according to details that are now known to the public, there would be grounds for challenging the contract for the takeover of the Croatian oil company in the case of Podravka, MOL, INA, and OTP. He considers it crucial that MOL knew it was acting contrary to Croatian positive regulations. He says that there are a series of illegal actions, from the fact that the stock exchange and Hanfa were not informed that INA shares were pledged (which INA had to do), to the fact that the operation was negotiated by people who were not authorized to do so. Therefore, this expert believes that the responsibility of the management structure of INA, Podravka should be reconsidered, and in relation to Damir Polančec, it would imply that he abused his position and authority and engaged in a business that he, as the second person in the Government, should not have.

SDP representative Slavko Linić warns that criminal responsibility should be separated from political responsibility.

– Let the Chief State Attorney Mladen Bajić investigate who is criminally responsible. But I am interested in what is with the political responsibility of the entire Government that had to know about this. Ministers who are still members of the Government sat on the Supervisory Board of INA – warns Linić, noting that it is impossible that they knew nothing about everything. – Prime Minister Jadranka Kosor said that the gas business is a good deal when we warned about its harmfulness – continued Linić, noting that the main question is what the Government will do to remedy the damage it had to know about and whether it will finally heed the opposition’s warning that energy is the last hole on the flute for this government. Oil expert Davor Štern was quite reserved regarding the latest scandalous revelation that Podravka guaranteed the repayment of the loan to OTP Bank with INA shares.

– Details are missing that would fully illuminate the connection between MOL, OTP, Podravka, and INA – says Štern. However, everything is crystal clear to Linić. – Sanader successfully deceived the public when he said that a good deal was made with the gas business and MOL. INA had losses of two billion dollars when all global oil companies were recording revenues – warns Linić, noting that current ministers are also responsible for this along with INA’s management. He rejects Prime Minister Jadranka Kosor’s claims that the Government is in no way connected to the latest scandal. (www.vecernji.hr)