U.S. Ambassador to Croatia W. Robert Kohorst said on Wednesday that not one group in the process of reaching a settlement for the indebted Agrokor conglomerate should have more than 10 percent voting rights in the company, in order to avoid unfavourable scenarios.

Speaking at a working lunch organised by the American Chamber of Commerce (AmCham) in Croatia, Kohorst said that the primary aim is for Agrokor to become a successful company after a settlement is reached and the process of restructuring completed.

He added that keeping the voting rights below 10 percent for each group would prevent the possible negative consequences of individual decision making, while more people with financial shares in the company make better joint decisions.

The government should focus precisely on preventing and reducing the risks surrounding ownership structure and voting rights, he said, adding that it could be accomplished by restricting the voting rights of shareholders, or through “any other procedures which make the success of the company possible without creating opportunity for certain risky behaviours.”

He said that the example of Agrokor should help the state to better examine relations toward large and strategic assets and whether their number is appropriate considering the size of the country.

Asked about the increasing influence of the capital from east and southeast European companies in Croatia, Kohorst said that Russia’s Sberbank had significant influence and that it is obvious that it will be one of the largest shareholders in Agrokor, and added that even though he was not aware of the figures, he wouldn’t be surprised of US investors were the forerunners in this area.

He added that he hoped Croatia would soon complete its transition to a complete market economy and that it would resolve the over inflated public share of ownership of state assets.

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