Bosnia's securities commission registers Bosnalijek supervisory board changes

The new supervisory board includes Rijad Hasic and Haris Jahic, who are replacing Bernadin Alagic and Samir Telibecirovic, the drug maker said in a bourse filing last week.

Nedim Rizvanovic, president of Bosnalijek's supervisory board, Vedad Tuzovic and Madzid Avdagic remain members of Bosnalijek's supervisory board.

Bosnalijek's shareholders approved the dismissal of Alagic and Telibecirovic at a meeting in September.

The Securities Commission of the Federation in October demanded the Sarajevo Municipal Court to launch misconduct proceedings against Rizvanovic, Tuzovic, Alagic and Telibecirovic for undertaking unlawful activities.

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 2021 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 traded flat at 29 marka on the Sarajevo bourse by 1250 CET on Monday.

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)