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Croatia appeals agaist arbitration ruling on INA case

Xinhua, February 2, 2017 Adjust font size:

Croatian Prime Minister Andrej Plenkovic said on Wednesday the country had appealed against an arbitration ruling, which dismissed Croatia's claims against the Hungarian energy firm MOL, the main holder of Croatian oil company INA.

In December, the Geneva-based United Nations Commission on International Trade Law (UNCITRAL) Arbitral Tribunal said the evidence presented by Croatia in a lawsuit against MOL was insufficient to prove that the management of INA by MOL was in relation to corruption.

Croatia has appealed to the Swiss federal court, Plenkovic said.

"We hope that during the court procedure, in the next several months, our arguments will be adequately valued," he said.

Croatia, which holds 44.8 percent of INA, has disagreements with MOL over the management rights and investment policy at INA for years.

Croatia accused of MOL gaining a dominant role in INA through bribing its former Prime Minister, Ivo Sanader, in 2009. The case is still on court and both MOL and Sanader deny any wrongdoing.

The Croatian government decided to regain ownership of INA by buying the entire stake held by the MOL, 49.08 percent, after the arbitration ruling.

An eight-member council, led by Plenkovic and several ministers, was founded in mid of this month for preparing guidelines for the negotiation with MOL.

MOL's stake in INA is worth around 1.9 billion euros (20.5 billion U.S. dollars) according to the market price. Endit