The Croatian government want more Croatian control at national oil company INA. It was reported yesterday that the government, which owns a 44.84% stake in the oil giants, are not happy with the current management model.
Hungarian company MOL, which owns a 49.1% stake in INA, has sole management control, but the government on Thursday announced that Economy Minister Ivan Vrdoljak would head up a team to negotiate more presence and control from the Croatians. The Croatian government is not happy with INA’s business results, which saw profits plummet 62% last year, and also corruption allegations surrounding MOL.
“There are obviously problems in the management of INA, and reasons for urgent reviewing of current model of management,” the Croatian government said on Thursday, adding that it wants to establish a new management structure at INA based on equal relations in accordance with shareholders stakes.
MOL’s stake in INA is still being investigated after former Croatian Prime Minister Ivo Sanader was found guilty of receiving a 5 million EUR bribe from MOL in exchange for full management rights over INA.