Croatia’s Varteks' bank account blocked over unpaid wages

Varteks management board member Jelena Bosnjak submitted her resignation effective May 9, Varteks added in a filing to the Zagreb bourse.

Following the announcements, the bourse placed the company’s shares in its monitoring segment. The company's stock surged 20% to 0.18 euro on Thursday on the Zagreb bourse.

According to state TV broadcaster HRT, Varteks' employees have been on strike since Monday due to the company's failure to pay a portion of their salaries for February and the full amount for March.

In a separate press release, Varteks announced that one of its shareholders, Stjepan Cajic, has offered the company a loan to pay all unpaid salaries and buy fabrics, on the condition that it must be repaid by the end of the year.

($ = 0.929 euro)