Bosnia's Federation securities watchdog takes Bosnalijek supervisory board members to court

The securities commission is seeking court proceedings against Nedim Rizvanovic, president of Bosnalijek's supervisory board, current board member Vedad Tuzovic and former board members Bernadin Alagic and Samir Telibecirovic, it said in a statement.

Alagic and Telibecirovic were dismissed at the last shareholders' meeting of Bosnalijek held on September 19 after submitting their resignations.

The decision to seek court proceedings against the four members of Bosnalijek's supervisory board was taken on the basis of extraordinary supervision of the company's shareholders' assembly scheduled for June 30 and rescheduled for August 19, the commission said. The shareholders' assembly was cancelled again on August 19 and took place on September 9, according to earlier statements by the company.

Bosnalijek's corporate leadership has been in turmoil for about a year. Local media reported in December that police have arrested general manager Nedim Uzunovic along with other people suspected of illegal trading in the company's shares. Uzunovic was released in early January.

Bosnalijek's shares last traded on the Sarajevo bourse on October 13, when they closed 3.05% higher at 30.91 marka ($15.5/15.8 euro).

The Federation is one of two autonomous entities that form Bosnia and Herzegovina. The other one is the Serb Republic.

(1 euro = 1.95583 marka)