Agrokor Group

After a Zagreb court ruled on Tuesday that that former owner of the indebted food giant Agrokor, Ivica Todoric, can be released after paying one million euros in bail, Todoric announced on Wednesday that he would run for elections, win power and turn Croatia in the right direction.

Zagreb County Court spokesperson Kresimir Devcic said on Tuesday that the court has decided that former Agrokor owner Ivica Todoric can be given a conditional release from pre-trial custody after the investigating judge received confirmation that one million euros in bail has been paid.

Zagreb County Court spokesman Kresimir Devcic said the court had decided that former Agrokor boss Ivica Todoric can avoid pre-trial jail by paying a hefty bail sum.

"The judges have altered the decision of the investigating judge regarding bail. They believe that, with appropriate precautions in place, bail can serve the same purpose as investigative detention," Devcic said.

Ivica Todorovic, former owner of the hugely indebted food giant Agrokor, was extradited to Croatia from London on Wednesday evening.

Todoric was transferred to Croatia via a regular flight line of Croatia Airlines accompanied by plainclothes policemen. 

The Croatian government announced on Tuesday that it has appointed Perusko to head Agrokor with Irena Weber as his deputy, after the huge company's previous extraordianary manager, Ante Ramljak, stepped down.

BELGRADE - Employees of Serbian companies owned by Croatia's troubled food concern Agrokor Group have no reason to fear for their jobs as the firms are stable, says Zarko Malinovic of the Chamber of Commerce and Industry of Serbia, noting the companies' ownership could change hands.

The Croatian parliament on Wednesday will support the establishment of a special investigative committee tasked with revealing what happened to fallen private company Agrokor and its commercial group.

Ante Ramljak, the state-appointed extrordinary manager of Croatia's biggest company, Agrokor, told the media on Monday that he had filed a criminal charge against the "responsible persons" in the former management.

Led by the company's owner and founder, Ivica Todoric, they had failed to disclose the company's full losses in its financial accounts.

Russia's Sberbank told BIRN that it believes Croatia's troubled private company Agrokor can be restored to normal activity, but wants fulfilment of its demands first.

Despite the steep loss, CEO Tomislav Čizmić remains buoyant, stressing that the company is stable and has been gaining market share, which will be crucial as the Agrokor story unfolds.