Robbery of BiH companies: Croatian Ina buys state capital in Energopetrol for less than 4 million KM

Croatian oil company Ina today offered slightly more than four million KM for 33 percent of Energopetrol shares, owned by the FBiH Government and minority shareholders. The offer is valid for 28 days, writes Patria.

Ina owns 67 percent of Energopetrol shares, the FBiH Government owns 20 percent, and minority shareholders own 13 percent. This Croatian oil company has now offered to buy the remaining package of shares in the former BiH oil giant, after which it would become the 100 percent owner of Energopetrol.

Ina is offering only 2.30 KM per share for Energopetrol shares, or 18.40 percent of the nominal value of Energopetrol shares. Simply put, for 1,812,664 Energopetrol shares owned by the FBiH Government and minority shareholders, Ina is offering only 4,169,127 KM.

Prior to this, the Croatian oil company took over 33.5 percent ownership in Energopetrol from its Hungarian partner MOL. After that, it officially became the majority owner of Energopetrol and the largest individual distributor of oil derivatives in BiH - Ina has 101 retail gas stations in BiH.

Interestingly, Ina bought the shares from MOL off the stock exchange. With the help of a Sarajevo brokerage house, and for just over half a million KM. In 2006, MOL paid 36 million KM for 33.5 percent ownership in Energopetrol, and now it has sold those shares for just over 500,000 KM.

There are many unknowns surrounding Ina's role in the BiH market. The contract signed between the FBiH Government and the Croatian-Hungarian consortium Ina-MOL has not been respected from the beginning. The consortium did not invest the money it committed to in the contract into Energopetrol. Instead of investments, the once strongest BiH oil company was burdened with new debts.

Energopetrol's debts have grown to approximately 115 million KM above the company's capital value to date.

Federal Television reported last week that former INA Management Board presidents Tomislav Dragičević and MOL's Zolt Hernadi are under investigation by the Sarajevo Canton Prosecutor's Office on suspicion of the legality of Energopetrol's privatization process. The Prosecutor's Office is also investigating the former management of Energopetrol, as well as some individuals from the FBiH Government from that period.

The Ina-MOL consortium recapitalized Energopetrol in 2006, and as early as 2009, the Financial Police sent a report to the Sarajevo Canton Prosecutor's Office on criminal offenses committed during the recapitalization.