The power utility dismissed accusations that the blocking of the accounts was a political act, saying it was solely the result of high debts incurred Aluminij.
Bradvica today sent letters to Croatia's President Ivo Josipovic, Parliament Speaker Josip Leko, Prime Minister Zoran Milanovic, First Deputy PM Vesna Pusic, Finance Minister Slavko Linic, and Economy Minister Ivan Vrdoljak, saying this "disaster will devastate" Herzegovina, the Federation entity as well as Croatia.
The Croatian government has a 12 per cent stake in Aluminij.
Speaking to the press, Bradvica said the blockade of the plant's accounts was politically motivated because the entity government held a nearly 100 per cent stake in the power company and 44 per cent in Aluminij, "yet it has done nothing to bail out Aluminij," although it signed an agreement with the plant committing to subsidising production.
Bradvica said the plant owed the power utility EUR 21 million and that the company rejected Aluminij's request for a delay to settle the debt.
Speaking at a press conference an hour later, the director of the power company, Nikola Kresic, said the decision to block the bank accounts was not politically but economically motivated. He said there had been no political pressure on him or the management.
Because of an increase in the price of electricity and unfavourable metal prices on the world exchange, Aluminij incurred EUR 32 million in losses, covering them by reducing its equity earlier this year.