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Hernadi says INA-MOL dispute not battle between Hungary, Croatia

Autor: half
ZAGREB, Nov 20 (Hina) - Hungary's conflict with Croatia on its stake in the Croatian INA oil and gas company is about corporate governance, not an international dispute over the state control of energy firms, the CEO of the Hungarian MOL oil and gas company, Zsolt Hernadi, told US TV network CNBC on Wednesday.

Speaking to CNBC from Budapest, Hernadi insisted the dispute over MOL's control of INA was not a "battle between countries" but about the company's corporate governance.

"Some people in the company and in the government want to see INA working with a state model which means the company working with short-term aims rather than the long-term ones - which is in a market model and which are essential," Hernadi said.

MOL holds a 49.1% stake in INA and the Croatian government 44.81%.

Croatia issued an Interpol Red Notice and a European Arrest Warrant for Hernadi on suspicion that he bribed former Croatian Prime Minister Ivo Sanader into giving MOL governance rights in INA.

Earlier this month, MOL authorised its executive board to launch preparations for selling its stake in INA, just hours after a negotiating round between Croatian government and MOL representatives on their relations in INA.

(Hina) ha

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