Croatian govt turns to UN court to settle INA’s dispute with Hungary MOL
(MTI) – The Croatian government has turned to the legal body of the United Nations, UNCITRAL, to settle Croatian oil company INA’s dispute related to its Hungarian peer MOL’s shares in INA, Croatian state television said on Friday, citing government sources.
The government said in a letter sent to UNCITRAL that it would like to partly annul an agreement concluded in 2009 on giving over management rights to the Hungarian oil and gas giant.
Zagreb wants the restoring of the status quo ante or a compensation of what it calls MOL’s “unlawfully getting management rights.” The Croatian government in addition claimed that MOL had not met its commitments to upgrade the petroleum refineries in Rijeka and Sisek.
The news came just one day after the a new round of talks, the third, was held between representatives of the Croatian government and MOL on the future of INA in Zagreb.
MOL earlier said that it had filed a request for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) concerning the dispute with the Croatian government over INA.
MOL holds just a fraction less than a controlling stake in INA, while the Croatian government owns almost 45 percent. The two shareholders have long been at odds over the way the company is managed.
Photo: www.uzletahalon.hu
Source: http://hungarymatters.hu/
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