"MOL Group recognizes the international and political relevance of its Croatian investments and the significance of related events over recent period. Consistent with its general business approach, MOL Group evaluates its strategic holdings continually, as well as the shares of INA, and has a rigorous approach to ensuring that shareholders and stakeholders value is maximized, with all assets contributing to the company’s success," the press release said.
"Despite a vast number of unjustified actions against MOL and its Management, which appear to be influenced by interests seeking to intimidate both the company and its Chairman, and to obstruct MOL's operation in Croatia, the Board of Directors of MOL Group will continue to apply this structured process of evaluating strategic, financial and political aims to present share values, as the Company is going to reconsider the nature of any future involvement with INA in the near future," the press release said.
"If there might be any decision about the possible selling of INA shares, the Croatian side does not possess the pre-emption right that the Government has gained by contracts signed in 2009, due to prior violation of these contracts. Nevertheless MOL will consult with the Croatian Government, which has already stated on many occasions about the intention of getting the operational control, in this way we consider the Croatian state as a potential buyer."
The Hungarian government yesterday ordered MOL's management to review its portfolio and announced the possible sale of MOL's stake in INA, after the Croatian authorities issued an Interpol Red Notice and a European Arrest Warrant for MOL's CEO Zsolt Hernadi, suspecting him of having bribed former Croatian Prime Minister Ivo Sanader with EUR 10 million into giving MOL management rights in INA.
MOL shares declined for the second day at the Budapest Stock Exchange on Thursday, by more than two per cent, to their lowest level since May 2012. On the Zagreb Stock Exchange, INA shares sank 2.89 per cent to the lowest level since the end of August.