Darko Marinac resigns, Podravka starts collection procedure over SMS

Darko Marinac resigned from Podravka Supervisory Board's member and president functions. He said he is resigning in order to allow Podravka's Supervisory Board quietly resolve the problem that he had caused with his decision. To remember, in 2007 as Podravka's Management Board President, Darko Marinac approved without any consultation with other Management Board members, two loans worth 65 million kunas to the Split company SMS.

 - I have made this decision on approving loan to the Split SMS by myself, without any influence, and I must say that it was exclusively my decision at the time, without any knowledge by the Management Board members - Marinac said when he was resigning.

 The decision was explained to the Supervisory Board that at the time he estimated it to be a good business move.

 At its following session the new Supervisory Board President will be elected.

 - We have agreed that the Management Board takes all appropriate actions and report to us on them, in order to resolve this situation as best as possible for Podravka - Dubravko Štimac, Superisory Board member said.

The Supervisory Board voiced that it is expected by the Management Board to take all the necessary actions, i.e. to start the procedure of forced debt collection over SMS.