Serbia blocks a share at Frikom to Ledo - Sberbank is asking for more than EUR 100 m from Agrokor

Croatian company Ledo, part of Agrokor, confirmed that August 22 it received a decision from Serbia on a temporary ban on disposal of shares in Frikom.

Temporary ban of the Commercial Court was made at the request of Sberbank Russia and now disposal of 100% of the assets of Ledo in Frikom is blocked.

June 7, Commercial Court in Belgrade made a decision at Sberbanks request since it is requiring EUR 100 m principal and EUR 1,3 m interest rate (at May 25), and which comes out of security per contract on loan signed February 21, 2017.

Ledo prepared a complaint to decision which will be lodged on time.

Croatian company also informs the public that Sberbank has initiated the arbitration procedure against Agrokor and 11 guarantor companies (including Ledo), which takes place before the London Court of International Arbitration (LCIA)with respect to EUR 450 m given to Agrokor.

At the same time, Ante Ramljak, head of the state-run compulsory administration of Agrokor, submitted a request to the English court for recognition of the effects of that administration in England and Wales. Parties in arbitration procedure accepted suspension of the arbitration procedure until a final decision on Ramljak's request is made which is expected November 2017 earliest.

Frikom d.o.o. Beograd

LEDO d.d. Zagreb

Fortenova grupa d.d.

Privredni sud u Beogradu

SBERBANK Rusija

Frikom

Ledo

Agrokor

Commercial Court Belgrade

Sberbank Russia

Sberbank

LCIA

Ante Ramljak

London Court of International Arbitration