Hungary's MOL Rejects "Nationalist" Criticism from INA Board Members

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 [e-mail]