USKOK may appeal the decision by the panel, which was presided by Judge Ivan Turudic.

USKOK has eight days after the appeals ruling to order a further investigation or drop the charges, Zagreb County Court spokesman Kresimir Devcic said, adding that after a possible new investigation, USKOK would have to file a new indictment and submit it to the Court for approval.

This is probably the first time that a prosecution panel has returned an indictment to USKOK since the new Criminal Procedure Act has gone into force.

USKOK suspects former HPB executives Josip Protega, Ivan Sladonja and Mario Kirinic of approving millions in risky loans at the urging of privileged clients.

Kirinic's attorney Jadranka Slokovic said the prosecution panel returned the file to USKOK as it found that the charges were not described well.

She questioned the prosecution's claims that the accused had conspired to commit a crime, which is why the Bankomat case is within USKOK's jurisdiction, saying the indictment did not clarify other charges, such as incitement to commit a crime, either.

Protega, Sladonja, their attorneys, and two other accused, Goran Jurakovic and Slaven Colak, did not attend today's prosecution panel session.

USKOK accused the former HPB executives of approving from 2005 to 2009 at least HRK 254 million in risky loans, which have not been paid back, to eight privileged clients who have also been charged.

The executives presented the bank's operations as successful, paying themselves HRK 26 million in bonuses. Protega received HRK 4.4 million, Sladonja 4.3 million and Kirinic 4.5 million.

USKOK accused one client with laundering the loan money.

Protega, Kirinic and Sladonja were released from custody in late April. Protega had been detained since the beginning of the year, while Kirinic and Sladonja had been in custody since late 2009.