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HFP CEO says Fund can't lend any more money to Suncani Hvar

Autor: mses
ZAGREB, Aug 4 (Hina) - The Croatian Privatisation Fund (HFP) has received a request from the Suncani Hvar management for a HRK 7 million loan to settle the remaining debt towards the Tax Authority, but it cannot grant the request given that this hotel company borrowed HRK 15 million from the HFP last year and has not yet paid it back, HFP CEO Vedran Duvnjak said on Wednesday.

According to Duvnjak, the HFP has asked the Tax Authority to unblock Suncani Hvar's bank account and postpone the collection of the debt in light of the fact that the tourist season is at its peak.

It was the Tax Authority's branch in Split that initiated the blockade of the company's bank account last week due to a forced collection of claims, said Duvnjak.

Following a proposal by the HFP, which holds an interest in Suncani Hvar, that the forced collection of claims be postponed, the Tax Authority suggested that it could okay the payment of the debt in installments, with collateral being some of the company's real estate.

However, there is fear that the company's entire real estate is already under mortgage.

As regards the latest request for additional borrowing, Duvnjak recalled that the HFP could not lend any more funds to the company, as it had not yet paid back the HRK 15 million it borrowed last year.

Duvnjak said that the company's management had failed to respond to the HFP's calls to agree on the deferment of the debt since March this year.

Although the HFP has the right to insist on collecting the HRK 15 million, it will wait for the end of the tourist season to make that move. The HFP cares about the situation in Suncani Hvar and its workers, regardless of its dispute with Orco Group, the majority shareholder in the hotel company, which was prompted by the HFP's recent decision to unilaterally terminate the shareholders' agreement with Orco Group.

Duvnjak said that contacts between the HFP and Orco Group managers and lawyers were frequent, with the HFP having offered dates for meetings.

Furthermore, over the last 18 months the HFP has been insisting on a plan for the restructuring of Suncani Hvar, which is headquartered on the island of Hvar, but ORCO Group has failed to produce it.

(Hina) ms

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