ZAGREB, Aug 21 (Hina) - The Croatian Finance Ministry said on Monday Croatia had returned a foreign currency deposit from London, blocked since 1992, which exceeds US$11 million with interest.
ZAGREB, Aug 21 (Hina) - The Croatian Finance Ministry said on Monday
Croatia had returned a foreign currency deposit from London,
blocked since 1992, which exceeds US$11 million with interest.#L#
After several years of court proceedings, Croatia's Finance
Ministry managed to return the $8,633,402 foreign currency
deposit, which totals $11,094,662 with accompanying interest
rates. This is the first time Croatia has succeeded in returning
part of its funds which are blocked abroad.
According to a ministry statement, the deposit was made in 1992 as
an account for an untied loan with WESTPAC BANKING CORPORATION
London. The loan was never effected. Croatia's ownership over the
deposit was disputed due to unclear legal matters after the
financial mediator, Australian insurance firm Allen Allen &
Hemsley, closed its branch in London which Croatia had signed an
agreement with to obtain the loan.
Allen Allen & Hemsley and Croatia's Finance Ministry agreed to
block the deposit with the National Westminster Bank London for the
duration of the court proceedings. Croatia proved in an English
court its ownership over the disputed deposit, which was returned
to it by court order.
Finance Minister Mato Crkvenac has pointed out this is the first
time Croatia has succeeded in returning money it owns but which is
blocked abroad. The Finance Ministry will continue fighting to
return all similar deposits which belong to Croatia, but are
disputed and blocked on various accounts abroad or in Croatia due to
war circumstances, legal or business uncertainties, the minister
said.
(hina) ha jn