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Slovenian court slashes anti-trust fine on Croatia's Agrokor - report

Author Iskra Pavlova
Slovenian court slashes anti-trust fine on Croatia's Agrokor - report Author: Agrokor. License: All rights reserved.

LJUBLJANA (Slovenia), June 22 (SeeNews) - The Ljubljana district court has reduced the 53.9 million euro ($60.6 million) fine imposed on the troubled Croatian food-to-retail concern Agrokor last year by the Slovenian competition authority AVK to just 1 million euro, local media reported.

If Agrokor agrees to pay the reduced fine, it will regain the rights to its holdings in Slovenian retailer Mercator and open the way for the transfer of Mercator's shares to Agrokor's successor - Fortenova, Slovenian news daily Dnevnik reported during the weekend.

In December, AVK decided to temporarily seize Agrokor's holdings in Mercator to ensure the enforcement of a non-final ruling that imposed a 53.9 million euro penalty on Agrokor for its failure to notify the competition authority about its 2016 acquisition of UAE-based Ardeya Global - owner of Slovenian water bottler Costella.

Earlier this month, AVK decided to extend the six-month seizure on Agrokor's holdings in Mercator, most likely by a further six months, local media reported last week.

Slovenian state news agency STA reported over the weekend that Agrokor plans to appeal both the Ljubljana district court 's decision, seeking an annulment of the fine, and AVK's decision to extend the ban on its holdings in Mercator.

The business operations of  troubled food-to-retail concern Agrokor were transferred to the newly formed Fortenova Group in April 2019 under a debt settlement agreement with Agrokor's creditors endorsed by a Zagreb court in June 2018.

($=0.888709 euro)