Sberbank restructured the debts of the Croatian holding Agrokor and received the assets of the company that manages the retailer, according to the Bank’s website.
“Sberbank group received financial instruments, which among other things give rights to about 40% of the net assets of Fortenova Group TopCo B. V.,” the report said.
Under an agreement with creditors from April 1, Fortenova Group will be managing the assets of the retailer.
At the end of 2018, it was reported that Agrokor’s debt to Sberbank is more than €1 billion, another €350 million retailer owed to Russian VTB bank. Agrokor provides 15% of Croatia’s GDP and is the largest owner of farmland in the country.
Total debt of the company was estimated at €4.6 billion, the former head of Agrokor Ivica Todorich left Croatia in 2017 — at home he is suspected of financial fraud. Later he was detained in the UK and extradited, but the court released Todorich on bail of €1 million.
In July 2018, the retailer entered into an agreement with creditors — they were offered a share in Agrokor on account of the debt. Sberbank received 39.2% of the company’s shares, VTB — 7.5%.