The oil company INA said on Tuesday it had filed a suit with the Croatian Administrative Court seeking a reversal of the 29 July 2011 ruling of the Croatian Financial Services Supervisory Agency (HANFA).
The suit was filed with the Administrative Court within a given deadline, namely on 29 August, because HANFA's rulings cannot be appealed under the law, INA said in a statement.
In its ruling of 29 July, HANFA gave INA 45 days to implement several supervisory measures relating to the amendment or adoption of company bylaws regulating the use of privileged information and to change its organisational structure accordingly and establish a system of control.
"INA fully cooperated with the Agency during the inspection that preceded its Ruling, and is making appropriate efforts to act in accordance with the Agency's Ruling. INA is making those efforts irrespective of the lawsuit, because it does not stay execution of the measures specified in the Ruling," INA said in the statement.
HANFA declined to comment on INA's lawsuit, but unofficial sources said that the Agency would conduct an inspection in INA in mid-September, after which it would be clear whether the suspension of trading in INA shares on the Zagreb Stock Exchanged, which has been in force since 28 April, would be lifted.
