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Hungary Rejects Extradiction of Head of Mol

Published: October 7, 2013; 20:11 · (Vindobona)

A Hungarian court rejected the extradiction of Zsolt Hernadi, who is alleged of having bribed former Croatian Prime Minister Ivo Sanander.

Hungary Rejects Extradiction of Head of Mol / Picture: © MOL

Hungary does not intend to extradite Zsolt Hernadi, Chairman of MOL’s Supervisory Bord, the Hungarian oil and gas company. According to reports by news agency MTI, the municipal court of Budapest has rejected the motion of the Croatian authorities.

According to the prosecution in Zagreb, Hernadi has bribed then-head-of-state Sanader to be given the leadership of Croatian oil company INA despite of MOL not holding a majority stake. Sanader, in the meantime, has been found guilty of corruption and was arrested. The issue has been causing uproar in both countries and led to disgruntlement.

Hungary´s government calls MOL´s management to re-consider the engagement in Croatia and to prepare the sale to Croatia´s government. Due to the difficult fiscal frame conditions, Croatia would not be able to acquire MOL´s share. As a result, Croatia would be confronted with a new major shareholder.

Hungarian MOL holds a 49.1 percent stake in Croatian INA. With a stake of 26 percent, Hungary´s government is MOL´s core shareholder. The Croat government controls 45 percent of INA´s shares. Instead, MOL plans to invest $ 38m in the exploration and production of hydrocarbon resources in Western Romania. The exploration works will be operated by Panfora Oil & Gas, an upstream subsidiary of MOL Group, which is active in Romania.

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