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Montenegrin court refuses to apply Croatian law to local Agrokor units

Montenegrin court refuses to apply Croatian law to local Agrokor units Author: Ledo Licence: All rights reserved.

ZAGREB (Croatia), October 18 (SeeNews) - Montenegro's commercial court said it has rejected a motion to treat local units of Croatia's indebted food-to-retail concern Agrokor in line with the provisions of Croatia's special law on systemically important companies.

The court said in a statement earlier this week it has turned down a request submitted by Agrokor receiver Ante Ramljak to apply the law popularly known as Lex Agrokor to the subsidiaries of the concern in Montenegro. By submitting the request the receiver aimed to protect the assets of the ailing concern in Montenegro from potential foreclosures.

A similar refusal to apply Lex Agrokor to the concern's units in Serbia was issued by a Belgrade court in August.

On April 10, the Croatian government appointed Ramljak as receiver of Agrokor to lead a restructuring process in the country's largest private concern under Lex Agrokor. The special legislation was drafted by the government in response to the financial crisis in Agrokor.

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