The Hungarian oil company MOL will make another attempt at encouraging Croatia to agree to cooperation concerning the issues in the Croatian oil company INA and should that attempt fail, MOL will sell its stake in INA, a senior MOL official told the Austrian news agency APA.
Should they continue to obstruct decisions on large investments for example, MOL intends to sell its 49% stake in INA, said the source who spoke on condition of anonymity. He, however, did not rule out the possibility of MOL taking over the majority share in INA.
Croatia currently holds a 44% share in INA.
Although MOL does not hold a majority stake in INA, according to an agreement from 2009 the Hungarian company controls the Croatian peer INA, APA said.
Many in Croatia believe this agreement is unfair. Last November, a Croatian court sentenced former Croatian prime minister Ivo Sanader on corruption charges involving an alleged payment of a bribe of millions of euros to give MOL management rights in INA. According to the charges, Sanader received EUR 10 million in bribe from MOL CEO Zsolt Hernadi.
Both Hernadi and MOL maintain their position that the accusations are unfounded.
Croatian prosecutors, however, noted that the investigation into Hernadi would continue and threatened to issue a European Arrest Warrant should he refuse to cooperate, APA said.
If Croatia doesn't agree to compromise, MOL will have to sell its stake in INA, even to the Russians if necessary, APA cited the MOL official as saying.
