MOL reserves right to international action over Croatia court claims

21 November 2012 16:34  [Source: ICIS news]

LONDON (ICIS)--MOL is reserving its right to take international action regarding claims that were made against it in court during the conviction of former Croatian prime minister Ivo Sanader, the Hungarian oil, gas and petrochemicals group said on Wednesday.

Sanader was on Tuesday sentenced to a 10-year prison term after a Zagreb county court heard that he took a €10m ($12.8m) bribe between 2008 and 2009 from a “highly positioned” MOL manager in return for arranging the transfer of management rights over state refiner INA to MOL, as well as a bribe from a bank.

Ever since the prosecution's charges against Sanader were publicised, MOL has continually and categorically denied being involved in any corrupt dealings with the former prime minister.

Having studied transcripts of comments made during the court case, MOL issued a statement updating its standpoint.

It read: “First, we note that no substantive evidence has been provided to the court in support of the specific charges as they relate to MOL. Second, a number of comments made in relation to the corporate structure at INA and to MOL’s corporate governance procedures and actions in relation to INA are simply factually incorrect.

“Third, we would query whether the procedures followed with regard to the claims made against MOL would be considered compatible with established legal procedures elsewhere in Europe. As the largest foreign investor in Croatia we reserve our rights to take action internationally if this should be necessary.”

MOL would review its position further once it was clear whether Sanader intended to appeal against the guilty verdict and once a final verdict in the case was reached, the company added.

($1 = €0.78)

By: Will Conroy
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly