Agrokor
0Agrokor (Croatian pronunciation: [âɡrokoːr]) was a conglomerate, largely centered in agribusiness, with headquarters in Zagreb, Croatia. Founded in 1976 as a flower grower, it became a joint stock company in 1989, with 100 percent ownership held by founder Ivica Todorić. It greatly expanded its operations in the following 25 years by acquiring a number of large companies in Croatia and Southeast Europe. The Agrokor group had an annual sales revenue of €6.465 billion in 2015, which made it the second largest retail and eleventh largest overall company in all of Southeast Europe. As of 31 December 2017, Agrokor employed around 50,900 people. On 1 April 2019, the assets of the demised Agrokor were consolidated within the newly founded Fortenova Group.
Within Agrokor, whose primary activity was production and distribution of food and beverages and retail trade, among others, there were also the largest Croatian producer of mineral and spring water Jamnica, ice cream company Ledo, oil, margarine and mayonnaise production company Zvijezda, the largest Croatian meat production company PIK Vrbovec, agricultural-industrial company Belje, the largest Croatian retailer Konzum, and the largest Croatian retail newsstand chain Tisak.
Ivica Todorić, founder of Agrokor, served as companies' CEO until April 2017. When Agrokor's financial difficulties became untenable, in March 2017 the government of Croatia hastily drafted and passed the Law on Extraordinary Administration Procedure in Enterprises of Systematic Importance for the Republic of Croatia, and by Todorić's activation of the Law in early April 2017 the Government forestalled the bankruptcy procedure and effectively took control over the company. Special administrator Ante Ramljak was appointed by the Commercial Court on 10 April 2017. Nevertheless, Ivica Todorić remained a nominal owner of Agrokor. Ministry of Economy, Entrepreneurship and Crafts published on its web site the Monthly Report on Economic and Financial Situation and the Implementation of Agrokor's Extraordinary Administration Measures for the period between 10 April to 10 May 2017, written by commissioner Ramljak, in which it was revealed that Agrokor didn't have a business plan for 2017 and was in a crisis of management. On 17 October 2017, the Croatian State Attorney Office launched a criminal prosecution against 13 members of the former governing and supervisory boards, including owner Ivica Todorić himself, on suspicions of abuse of power in economic business, forgery of official documents and breach of trade and business bookkeeping obligations. Ivica Todorić was reportedly residing in London, pending arrest and extradition.
On 28 February 2018, Fabris Peruško was appointed as new Extraordinary Commissioner. More than 80% of Agrokor creditors voted in favor of the Settlement plan on 4 July 2018. Settlement was implemented on 1 April 2019 and business operations and assets were transferred to a new holding company according to the Settlement plan. Agrokor d.d. continues to be under Extraordinary Administration until all legal steps defined by the Settlement plan are fulfilled.
Source: https://en.wikipedia.org/wiki/Agrokor
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