Bank Austria Creditanstalt Blocks All the Accounts of Energopetrol Sarajevo

5. Juli 2006, 00:00

Bank Austria Creditanstalt (BA-CA) blocked on Tuesday all the accounts of Sarajevo-based oil retailer ...

Bank Austria Creditanstalt (BA-CA) blocked on Tuesday all the accounts of Sarajevo-based oil retailer Energopetrol, due to a mortgage that this bank holds over Energopetrols administrative building and its 25 best petrol stations, the Sarajevo daily Dnevni avaz has reported.

Managers of Energopetrol notified the Muslim-Croat Federation government about mortgage activation, while this information was also confirmed by Kasema Catovic, president of the Energopetrol recapitalisation commission.

BA-CA activated Energopetrols bill of exchange worth EUR 10.26 million (BAM 20 million), which means that there will be no payments for the company, Catovic explained.

According to Dnevni Avaz, the Austrian bank would deactivate the mortgage only if the commission were able to submit a recapitalisation contract for Energopetrol.

Hungarian-Croatian oil consortium MOL-INA is not ready to accept the newly discovered debts of Energopetrol towards the state, which total EUR 8.72 million (BAM 17 million), and is, therefore, not likely to sign the recapitalisation contract.

Federal deputy prime minister, Gavrilo Grahovac, said he was not surprised by BA-CAs decision. He reminded that a year ago he demanded replacement of Energopetrols director, annulment of the recapitalisation tender and launching of Energopetrols recovery.

Grahovac announced that he will propose to the federal government to buy out Energopetrols mortgage and to initiate the process of recovery in this company.

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