Campingcar Besinov GENEVA BAKER TILLY PETROBRAS SWISS AND THE CRIMES

Campingcar Besinov GENEVA BAKER TILLY PETROBRAS SWISS AND THE CRIMES

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 By Luca Casiraghi

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PostSubject: By Luca Casiraghi    Fri Nov 17, 2017 4:53 pm

By
Luca Casiraghi
@LCasiraghiMore stories by Luca Casiraghi
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Jasmina Kuzmanovic
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‎10‎. ‎Mai‎ ‎2017‎ ‎06‎:‎01 Updated on  ‎10‎. ‎Mai‎ ‎2017‎ ‎16‎:‎36


  • Suppliers may stand to get repaid before bondholders, lenders
  • Sberbank makes provisions for more than 50% of its loans


Fights don’t come more lopsided than this: global giants Fidelity International and Axa Investment Managers facing off against the likes of a chocolate and biscuit maker to get paid following the stunning collapse of Agrokor d.d., the biggest company in the former Yugoslavia.

But in this Balkan battle, it’s confectioner Kras d.d. that has the edge.


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Croatian finance minister Zdravko Maric was director for capital markets at Agrokor until last year.

Photographer: Akos Stiller/Bloomberg

That’s because the Croatian government has intervened to put the interests of almost 5,000 domestic businesses ahead of international financiers in the wake of an aborted Russian-led reorganization and allegations that its books were cooked. It was the latest twist in the saga of the retail chain that went down owing more than 6 billion euros ($6.5 billion). In a little over three months, the value of Agrokor securities evaporated after lenders pulled the plug on its debt-fueled expansion. And now politicians across the region are making sure local interests are protected.



“Agrokor has transformed itself from the biggest private company into one of the biggest systemic risks to the Croatian economy,” Morgan Stanley’s economist Georgi Deyanov wrote in a note to clients. “The government’s action resulted in the implicit state guarantee of Agrokor’s short-term debt and arrears to suppliers.”

Also at risk: the government in Zagreb itself. Finance Minister Zdravko Maric was director for capital markets at Agrokor until last year. Prime Minister Andrej Plenkovic needs a new coalition partner after a junior party withdrew support over its disapproval of Maric.

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