Ante Ramljak Proposed as Extraordinary Commissioner for Agrokor

The Croatian Government is proposing Ante Ramljak as the extraordinary commissioner for Agrokor at its meeting on Monday, after which the Commercial Court in Zagreb is expected to issue a decision on the opening of extraordinary administration proceedings and a decision on the appointment of the extraordinary commissioner within the next two working days.

After the Commercial Court in Zagreb informed the Government and the Ministry of Economy, Entrepreneurship and Crafts on Friday about the request of the Agrokor Group to initiate extraordinary administration proceedings against the mentioned debtor and all its dependent and affiliated companies, the Government, at the proposal of the Ministry, will decide on the proposal for the appointment of the extraordinary commissioner on Monday, and will promptly submit that decision to the court.

>>> Biography of Ante Ramljak

In accordance with the provisions of the Law on Extraordinary Administration Proceedings in Companies of Systemic Importance for the Republic of Croatia, after receiving that decision from the Government, the Court will issue a decision on the opening of extraordinary administration proceedings and a decision on the appointment of the extraordinary commissioner within the next two working days.

Ramljak worked at the brokerage firm Investco from 1992 to 1996, and from 1997 to 2007 he was the CEO of the Croatian branch of the investment consulting firm CAIB.

From 2007 to 2011, he was a partner in the private equity fund Quaestus of Borislav Škegra, and afterwards, from 2012 to 2014, he was a special advisor to the Deputy Prime Minister for Economy (Radimir Čačić) and a member of the board of the Energy Sector at the Center for Monitoring Business Operations of the Energy Sector and Investments.

Jutarnji list in its printed edition states that Ramljak is a good connoisseur of the domestic business network with numerous contacts in the business and financial community. According to the same source, he is a professional who has remained in advisory and executive positions despite not being a member of any party and who actively participated in the drafting of the law on forced administration (lex Agrokor).

He is now a partner at the consulting company Texo Management.

Prime Minister Andrej Plenković will meet at 10:00 AM with key suppliers of the Agrokor Group, while he will meet at 12:00 PM with the Coordination Committee of Agrokor’s creditor banks.

>>> Banks Ready to Finance Agrokor, Atlantic Listed Three Basic Demands of Suppliers

The banks that are members of the Coordination Committee of Financial Creditors are currently intensively working on preparing new financing for the Agrokor company, so that it can be realized as soon as possible after the appointment of the extraordinary commissioner, the banks that are members of the Coordination Committee of Financial Creditors stated on Monday before the Government meeting, including Erste&Steiermärkische Bank, Privredna banka Zagreb, Raiffeisenbank Austria, Sberbank, VTB Bank (Austria) AG, and Zagrebačka banka.

The banks emphasize that they understand that there is a significant debt of Agrokor to suppliers related to past operations. “The banks are convinced that the priority status and payment of these obligations, as regulated by legal provisions, will also be implemented in accordance with the legal powers of the extraordinary commissioner,” the statement reads.

On Saturday, however, Agrokor’s suppliers announced that they expect a call for a meeting with the extraordinary commissioner in Agrokor on Monday, where they will present their basic demands in order to continue supplying goods to Konzum.

As they point out, there are three basic demands of the suppliers – that their proposal for the repayment of old claims against Konzum be accepted, that the issue of the recourse debt that exists towards Agrokor’s suppliers be resolved and returned to Agrokor, and that priority payment for new deliveries to Konzum be ensured.