October 17 (SeeNews) - Russia's Sberbank, a major creditor of Croatia's indebted concern Agrokor, has won a court case against the concern, Croatian soft drinks and water bottling company Jamnica, a unit of Agrokor, said.
A court in Bosnia has endorsed the foreclosure of a stake which Jamnica holds in Bosnian mineral water company Sarajevski kiseljak, Jamnica said.
The municipal court of Kiseljak, Bosnia has ruled that the shares in Sarajevski kiseljak held by Jamnica shall be used to repay Agrokor debt owed to Sberbank, Jamnica said in a filing to the Zagreb Stock Exchange on Monday.
The ruling will be executed through confiscation, assessment and sale of the shares in Sarajevski kiseljak owned by Jamnica, the Croatian company noted.
Sberbank's units in Zagreb and Slovenia's Ljubljana filed the motions earlier, with the court in Kiseljak approving collaterals worth 67.4 million marka ($40.7 million/34.5 million euro) each.
According to information published on Agrokor's website, Jamnica owns a 41.18% stake in Sarajevski kiseljak.
Jamnica said it will take all necessary legal steps to challenge the Bosnian court rulings.
In August, the unit of Sberbank in Ljubljana initiated two separate lawsuits against Jamnica with the commercial court in Serbia's Belgrade over a loan guaranteed by Jamnica, while the Zagreb unit also initiated a lawsuit with the same court for the same reason.
Jamnica confirmed at the time that Sberbank is seeking foreclosure on shares which Jamnica holds in Belgrade-based Mg Mivel company, and Ljubljana-based Jamnica mineralna voda company.
Also in August, Sberbank initiated arbitration proceedings against Agrokor and its 11 debt guarantors before the London Court of International Arbitration over loans totalling 450 million euro ($530.8 million) the bank had lent to Agrokor. At the same time Agrokor unit Ledo, an ice cream and frozen food company, also advised that Sberbank has launched a case against it before the Belgrade commercial court.
(1 euro=1.95583 marka)