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Croatia seeks arrest of founder of Balkans’ biggest retailer

October 21, 2017

ZAGREB, Croatia (AP) — Croatia’s state prosecutor’s office has issued an arrest warrant for the founder of the country’s biggest private company as part of an investigation into the retail giant’s financial collapse.

State television says the order to detain Ivica Todoric was issued Saturday, days after police raided his home in Zagreb. Croatian media report that he might be in London.

Todoric and his 14 executives are suspected of “criminal acts against the economy and fraud.” He has dismissed the accusations as “political.”

Agrokor, the biggest retailer in the Balkans, has accumulated some $6.5 billion (5.8 billion euros) in debt. Croatia’s authorities have tried to bail out Agrokor to avert a ripple effect on the economy and save tens of thousands of jobs.

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