By Gergo Racz
Hungarian energy group MOL Nyrt. (MOL.BU) Thursday rejected
criticism from the board of Croatian peer INA d.d (INA.ZG), of
which it is the majority owner.
Press reports during the week revealed tensions between the
Hungarian and Croatian shareholders in the company, with critics
challenging MOL for slowing down investments while making executive
decisions without allowing Croatian shareholders a fair say in the
process. They also moved to remove INA's Hungarian President and
Chief Executive Zoltan Aldott from his position.
"There are no Hungarians nor Croatians in INA. Only people
working for INA's benefit," MOL said.
In its response, MOL cited the developments launched in the past
10 years, such as upgrades to INA's filling station network and
preparations to launch a revamp of INA's main refinery. It added
that in the past, 99% of the decisions were made unanimously by the
Hungarian and Croatian delegates in the company.
"We do not quite understand the turmoil raised in the last
couple of days in the media. INA is on the right developing track.
It brings positive results despite the external challenges it faces
today," MOL said.
MOL owns 49.1% of INA, while the Croatian state holds a 44.8%
stake.
Write to Gergo Racz at gergo.racz@dowjones.com