MagyarMOL will get its money
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02Feb, 2023
The Croatians failed, they have to pay 235 million dollars!
They complained in vain, they sued in vain, the charges were dropped, so they have to pay MOL!
In the coming period, Croatia will pay MOL the 235 million dollars determined by the international arbitration court, the government has already allocated the amount in the budget, Croatian Economy Minister Davor Filipovic said on public television in his Wednesday evening newscast. The final decision on this was made on Wednesday in the body dealing with INA, after discussing the legal reports prepared by Croatian legal experts at the request of the government. According to the documents received, in 2003, Croatia waived the possibility that the Croatian courts would determine the agreement between MOL and the Croatian government. At the end of 2013, MOL initiated international arbitration proceedings against the Croatian government to protect its investments in Croatia at the International Center for the Settlement of Investment Disputes "ICSID" in Washington, claiming that the Zagreb government did not fulfill certain contractual obligations and commitments. In response, the Croatian government turned to UNCITRAL in early 2014. According to the Croatian point of view, MOL acquired control of INA through corruption, the Mol investments in Croatian oil refineries agreed to in the shareholders' agreement were not made, and MOL violated Croatian laws on commercial companies. The arbitral tribunal in Geneva rejected all of Croatia's claims for bribery, corporate governance and alleged breach of the 2003 shareholder agreement.
So they have to pay hard!
In the coming period, Croatia will pay MOL the 235 million dollars determined by the international arbitration court, the government has already allocated the amount in the budget, Croatian Economy Minister Davor Filipovic said on public television in his Wednesday evening newscast. The final decision on this was made on Wednesday in the body dealing with INA, after discussing the legal reports prepared by Croatian legal experts at the request of the government. According to the documents received, in 2003, Croatia waived the possibility that the Croatian courts would determine the agreement between MOL and the Croatian government. At the end of 2013, MOL initiated international arbitration proceedings against the Croatian government to protect its investments in Croatia at the International Center for the Settlement of Investment Disputes "ICSID" in Washington, claiming that the Zagreb government did not fulfill certain contractual obligations and commitments. In response, the Croatian government turned to UNCITRAL in early 2014. According to the Croatian point of view, MOL acquired control of INA through corruption, the Mol investments in Croatian oil refineries agreed to in the shareholders' agreement were not made, and MOL violated Croatian laws on commercial companies. The arbitral tribunal in Geneva rejected all of Croatia's claims for bribery, corporate governance and alleged breach of the 2003 shareholder agreement.
So they have to pay hard!
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