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INA’s Business Goes on ‘as Usual’ After CEO Arrest, Stern Says

Business at INA Industrija Nafte d.d., the Croatian refiner controlled by Hungary’s Mol Nyrt, is “unaffected” by arrest of the chief executive officer, said Davor Stern, head of INA’s supervisory board.

“Business is going on as usual,” Stern said today in a phone interview.

INA’s CEO, Bojan Milkovic, was arrested March 25 on corruption charges. An investigative judge has ordered Milkovic to be held for 30 days as an investigation continues. Milkovic became the chief of INA in June 2009. Previously he was the head of INA’s drilling unit Crosco d.d.

Stern said there will not be an interim replacement for Milkovic. He reiterated a statement from March 25 that the investigation is not related to Milkovic’s current position, but to the job he held at Crosco.

Croatia’s market regulator today suspended trade in INA Industrija Nafte d.d. stock until April 1. It acted “following significant trading by foreign investors,” and to protect INA’s shareholders, the watchdog said in a statement on its website.

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