ZADAR TOBACCO FIRM ZADAR, Aug 11 (Hina) - The Zadar-based Tobacco Factory (TDZ) and British American Tobacco (BAT) will appeal a ruling of the Split commercial court which refused to register decisions of the TDZ shareholders'
assembly necessary for the BAT investment in the Zadar factory. With respect to all problems and obstacles BAT has faced for eight months and which have culminated in the commercial court's ruling, BAT will reconsider the entire strategy of its investment and will soon make a decision whether it will further invest in Croatia, said the BAT investment department's director, Anne Johnson, at Wednesday's news conference in Zadar. On Tuesday the Split Commercial Court refused a request of the TDZ to register decisions made at the shareholders' assembly in connection with the increase in the share capital by the British American Tobacco, as well as in connection with the chang
ZADAR, Aug 11 (Hina) - The Zadar-based Tobacco Factory (TDZ) and
British American Tobacco (BAT) will appeal a ruling of the Split
commercial court which refused to register decisions of the TDZ
shareholders' assembly necessary for the BAT investment in the
Zadar factory.
With respect to all problems and obstacles BAT has faced for eight
months and which have culminated in the commercial court's ruling,
BAT will reconsider the entire strategy of its investment and will
soon make a decision whether it will further invest in Croatia, said
the BAT investment department's director, Anne Johnson, at
Wednesday's news conference in Zadar.
On Tuesday the Split Commercial Court refused a request of the TDZ
to register decisions made at the shareholders' assembly in
connection with the increase in the share capital by the British
American Tobacco, as well as in connection with the change in the
supervisory board and the statute.
Making such ruling the Commercial Court explained that the BAT had
not the right to vote at the May 12 general assembly of
shareholders, as it had only 18.69 percent of the ownership at that
time.
The TDZ Director, Ivica Crljenko, and Anne Johnson expressed
disappointment with the court's ruling.
We cannot say that we are ready to remain in this project and it does
not depend on the outcome of our appeal, as in the meantime many
other steps were taken making difficult for us to invest, the BAT
official told reporters.
She said one of those things referred to a new decree on investment
in tobacco industry which obliged BAT to invest additional 25
million German marks in this project, besides planned 14.5
million.
In addition, some incomprehensible games were played about the
settlement of debts of another Croatian tobacco factory in the town
of Slatina, Johnson said.
Had we managed to register with the Split Commercial Court, we would
have continued the project with additional 25 million German marks.
Our experts have been in Zadar for some time to train people for new
equipment. Everything was ready for the start of the production,
and now everything has been brought into question, Johnson added.
TDZ will appeal the Split court's ruling at the Higher Commercial
Court in Zagreb within next eight days.
(hina) ms