As an international publicly traded company, it is MOL’s duty to be fully transparent with our stakeholders. With this in mind, and to convey MOL’s perspective on the INA-related issues that have generated considerable media attention to date, we have launched this dedicated Web page www.molincroatia.com.
MOL is one of the largest foreign investors in Croatia. We have played an active role in INA’s development since 2003; we became the largest shareholder through investing more than USD 1.8 bn and saved it from bankruptcy. This investment has significantly benefited Croatia's economy and enhanced its energy security, proved by a number of examples.
In October 2008, MOL became the largest shareholder in INA and subsequently obtained the management control rights over the company. All MOL’s moves regarding INA were made possible by the 2002 INA Privatization Act, a law requested by the International Monetary Fund and enacted under then Prime Minister Ivica Račan.
Since 2009, MOL has been operating in an increasingly challenging environment in Croatia. On the one hand, this was caused by the economic downturn in the whole region, on the other hand this was the result of an unfriendly investment climate and the unpredictable regulatory system in the country. Despite these challenges, we have repeatedly requested to accelerate the negotiations with the Government of Croatia to reach an understanding that will enable INA to flourish and create value for its shareholders.
We believe that this website will help you understand even better the current situation, our position and our commitment to a constructive solution.
The content of this site will be regularly updated to keep all our stakeholders informed of the developments regarding MOL and INA. Should you have any additional questions or comments, please feel free to contact us.
In an interview with Croatian daily Vecernji list, Pal Kara, General Counsel of MOL Group commented:
“We are happy that it is now confirmed by an international tribunal and upheld by the Federal Supreme Court of Switzerland, what we have always said from the very outset of this sad story: there was no corruption in how MOL gained control over INA. In this regard we also have to emphasise that it was Croatia which decided to bring a domestic corruption case to an international forum, so this is why we have an international ruling on no-corruption. I am trying to remain hopeful that Croatia, a country that publicly expresses its adherence to the rule of law and that is a member of the European Union, will fully honour, respect and implement the findings of the arbitration award.”
"The Arbitral Tribunal FINDS, DECLARES, RULES, ORDERS and AWARDS that:
Croatia’s claims based on bribery, corporate governance and MOL’s alleged breaches of the 2003 Shareholders Agreement are all dismissed."
MOL welcomes and continues studying the arbitration award which is almost 200 pages long. With regard to the recent statement of PM Plenkovic on Croatia's intention to buy back the whole of MOL's stake in INA we await Croatia's official notice about this. MOL has always been, and remains open for any discussion about the future of INA.