Finance Minister Zdravko Marić stated on Thursday that the selection of investment advisors to provide advisory services to the Government regarding the potential purchase of INA shares will be completed quickly and that everything will be transparent.
In response to a journalist’s question ahead of the Government meeting, Marić said that everything will be completed quickly and that it is a transparent process in which the Croatian public will be informed about everything.
– We have received offers from truly renowned global investment advisors, who, based on their references, are certainly worth a detailed analysis of the offers. The decision itself is really not simple, as we need to choose one among the best. On the other hand, this may be a reassuring fact for us as we can count on the services of the best, emphasized Marić.
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In mid-December last year, the Government set a deadline until January 15 of this year for the submission of offers from financial advisors to provide advisory services regarding the potential purchase of INA shares and the subsequent sale of the purchased shares to a strategic partner.
The Government’s call for the engagement of advisors was sent to about 20 of the most eminent firms in the field. Recently, Marić stated that the Government received seven offers, but that there were also several additional requests and that it is expected that there will be up to 10 offers.
The Ministries of Environment and Energy and Finance are tasked with analyzing the offers, after which they will provide a summary of the offers to the Government.
– Our idea is that as soon as we finish this selection process, which will be very soon, we start working practically immediately, said Marić, adding that deadlines are always short.
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In response to a journalist’s question, he said that an analysis of what is profitable regarding INA will be known even before autumn.
– But, allow me, we have some phases that we will fulfill. We all know how complex this transaction is, a complex project and job, we have approached it very responsibly and thoroughly, while at the same time transparently, noted Marić.
When asked about tax relief for creditors who will write off debts of blocked citizens, Marić said he would not comment on the enforcement law, as it is in the domain of the Ministry of Justice.
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However, he emphasized that the state can independently decide to do something.
As he stated, in the case of blocked individuals with smaller amounts of debt, from 5,000 to 10,000 kuna, the state is relatively the least represented with its claims, while telecommunication operators, card issuers, and banks are much more represented.
Therefore, he noted, options are being considered to encourage write-offs from other creditors along with some measures, and everything will be presented when the entire package of measures is completed.
