Todoric's lawyer rejects claims of "illegal" loan guarantees

Todoric's lawyer rejects claims of "illegal" loan guarantees

Todoric's lawyer rejects claims of "illegal" loan guarantees Izvor: N1

After the founder of Agrokor Ivica Todoric gave an interview to N1 in which he said that loan guarantees of the food and retail group's companies were "against regulations", Todoric's lawyer issued a statement.

"It's not that any regulations were violated, it's just that the loan guarantees cannot be claimed now. And banks agreed to these guarantees, and asked for them. It is a simple fact that guarantees have no legal power, so no "regulations were broken".

As for why the banks agreed to accept such an arrangement, that's their own error," the lawyer, who wished to remain anonymous, said in a statement to N1.

In an exclusive interview for N1, Todoric said the guarantees, issued for loans by subsidiaries of the Agrokor group and estimated to total some 19 billion HRK (EUR 2.5 billion), were prepared by legal experts, without his involvement in the details of the process.

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