ZAGREB, June 23 (Hina) - Former head of management at Glumina bank Marko Marcinko was released on Wednesday after three months of detention, following a ruling of the Zagreb County Court. The court turned down a suggestion of the
Zagreb County State Attorney's Office to extend Marcinko's detention for another month. Marcinko was arrested on suspicion that, together with another seven suspects, he had damaged Glumina bank for US$19.8 million by abusing his position. In 1996, companies in Glumina Grupa corporation signed business cooperation agreements with six foreign companies, and Marcinko was charged with paying off US$19.8 million worth of loan advances onto external accounts on the basis of those agreements, even though no business had been done. During investigation, Marcinko and several witnesses said the agreements had been signed for a period of five years, namely until 2001. They claimed no damage to the ba
ZAGREB, June 23 (Hina) - Former head of management at Glumina bank
Marko Marcinko was released on Wednesday after three months of
detention, following a ruling of the Zagreb County Court.
The court turned down a suggestion of the Zagreb County State
Attorney's Office to extend Marcinko's detention for another
month.
Marcinko was arrested on suspicion that, together with another
seven suspects, he had damaged Glumina bank for US$19.8 million by
abusing his position.
In 1996, companies in Glumina Grupa corporation signed business
cooperation agreements with six foreign companies, and Marcinko
was charged with paying off US$19.8 million worth of loan advances
onto external accounts on the basis of those agreements, even
though no business had been done.
During investigation, Marcinko and several witnesses said the
agreements had been signed for a period of five years, namely until
2001. They claimed no damage to the bank could be spoken of until the
agreements had run their course because, they added, business could
still be done.
Marcinko claimed Glumina bank had protected itself because the
agreements envisaged that the foreign companies were to return all
funds to the bank, with a 15 percent interest rate, if the agreed
business was not done.
Marcinko's attorney Ladislav Gruicic requested that detention for
his client be annulled, referring to financial experts' findings
according to which no damage could be spoken of for the time being.
(hina) ha jn