Equity
Hungary MOL open to talks with Croatia about INA's future
Hungarian energy company MOL has not yet been formally contacted by the Croatian government regarding the latter's plans to buy back local oil company INA, however as before, MOL remains open to talks about the future of its Croatian subsidiary, the management said in a statement on Christmas Day. The statement was made in response to an impromptu press conference in Zagreb on Saturday in which Croatia's Prime Minister Andrej Plenkovic declared his government's intention to buy back the 49% stake held by MOL in INA.
The decision to buy back the formerly privatised INA shares was made in the wake of an arbitration court verdict in favour of MOL vs. the State of Croatia, Plenkovic stated on 24th December. "The Geneva arbitration organisation has found no sufficient evidence to prove corrupt conduct on part of MOL in the process of the INA acquisition, and has stated that there are no grounds to void the 2009 acquisition contract between MOL and the State of Croatia," Plenkovic said.
MOL group has been notified of the verdict of the arbitration decision, the management said in a statement on Sunday. The ruling concludes international arbitration proceedings initiated by MOL in 2014. The verdict rejected Croatia's claims regarding bribery, controlling rights, and breach of the 2003 shareholder agreement. The MOL executive board has welcomed the ruling.
The decision to buy back the formerly privatised INA shares was made in the wake of an arbitration court verdict in favour of MOL vs. the State of Croatia, Plenkovic stated on 24th December. "The Geneva arbitration organisation has found no sufficient evidence to prove corrupt conduct on part of MOL in the process of the INA acquisition, and has stated that there are no grounds to void the 2009 acquisition contract between MOL and the State of Croatia," Plenkovic said.
MOL group has been notified of the verdict of the arbitration decision, the management said in a statement on Sunday. The ruling concludes international arbitration proceedings initiated by MOL in 2014. The verdict rejected Croatia's claims regarding bribery, controlling rights, and breach of the 2003 shareholder agreement. The MOL executive board has welcomed the ruling.
News of the Croatian Prime Minister's announcement reached MOL via the media, the group said, adding that the management is open to talks with Croatia as soon as the latter makes a formal proposal to enter into negotiations.
MOL controls 49.08% of INA shares, together with the controlling rights. The State of Croatia holds a stake of 44.84%.
