INA Croatian Supervisory Board Members Seek Removal of CEO - Report

BUDAPEST--Croatian members of the supervisory board of INA d.d. (ING.ZG), which is majority owned by Hungary's MOL Nyrt. (MOL.BU), have called on their government to increase its influence over the Croatian energy company and seek the removal of its Hungarian chief executive, Croatian newspaper Jutarnji list reported Thursday, citing unnamed INA sources.

MOL owns 49.1% of INA, while Zagreb holds a 44.8% stake.

INA President and Chief Executive Zoltan Aldott has come under repeated criticism from Croatian shareholders for slowing down development projects such as refinery upgrades in Croatia, while MOL announced only this week that it would spend around $400 million on developments in Hungary over the next three years.

Croatian shareholders have also accused management of seeking to manage INA's affairs without keeping them informed.

The tensions between the owners reportedly escalated this week at a shareholders meeting during which Croatian delegates expressed outrage that their proposals for a management reshuffle were discarded by Mr. Aldott, Jutarnji list said.

MOL wasn't immediately available for comment.

Newspaper website: http://www.jutarnji.hr

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