Agrokor founder Ivica Todoric posts €1m bail

Agrokor founder Ivica Todoric posts €1m bail

Agrokor founder Ivica Todoric posts €1m bail Izvor: AFP

The founder and former CEO of the Agrokor food and retail group, Ivica Todoric, on Tuesday posted a 7.5 million kuna (€1 million) bail set by the Zagreb County Court last week.

Todoric had been detained at Zagreb's Remetinec prison since being extradited from the United Kingdom earlier this month. A hearing was held on Monday afternoon, at which he agreed to comply with terms of his release, including handing over his passport and staying in Zagreb for the duration of the pre-trial investigation in which he is a main suspect.

"The court hearing is over, the judge issued an order ending detention, the bail has been paid, and precaution measures have been set. Mr Todoric promised he would not leave Zagreb without explicit permission of the court, and that's that. He should be out of prison today," Todoric's lawyer, Jadranka Slokovic, told reporters, adding that Todoric's friends spend three days collecting the money for his bail.

The fraud investigation conducted by Croatia's anti-graft police Uskok, suspects him, his two sons and 12 Agrokor executives and auditors of syphoning 1.14 billion kuna (€153 million) from Agrokor before the company came to the verge of bankruptcy in early 2017.

(€1 = 7.43 kuna)

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