Challenging ZABA's Balance Books




ZABA Legal Battles with Associated Companies










ZABA Legal Battles with Associated Companies

Document number and name



No. of pages



Member of ZABA's Oversight Committee, Jaksa Barbic, on both sides of ZABA-INGRA dispute

"Eternal" Oversight Committee member Jaksa Barbic, who has held positions in ZABA in continuity since its transformation into a shareholding company, and who is at the same time Vice-President of ZABA's Main Shareholder Assembly, is also a member of INGRA's Oversight Committee.

This would not be an issue were not ZABA and INGRA involved in a legal battle involving 18 million kunas (about 2.2 million euro), which could have a major effect on INGRA's financial position. In this dispute, INGRA has sued ZABA for lost profits, as ZABA has recorded INGRA's ZABA shares as security, without any grounds whatsoever. As a result, INGRA could not sell them at a market price. This can be seen on page 6 of INGRA's "Abridged Prospect" of November 2005, which was submitted to the Zagreb Stock Exchange (http://zabaraba.com/htm/b25010-01.html). This is obviously one more example of how ZABA has become its own owner and how ZABA's original founders have been damaged (COMPLETE LIST OF FOUNDING SHAREHOLDERS OF ZAGREBAČKA BANKA D.D,ZAGREB, Paromlinska 2.). This also shows how ZABA send sits emissaries to still-existing damaged firms. Thus, Jaksa Barbic is sitting on the INGRA Oversight Committee with the obvious task of further damaging that firm and making sure that INGRA's suit against ZABA never turns out favorably.

This also shows that the Zagreb Stock Exchange, to which this Prospect has been made available, and which has not reacted to this conflict of interest, is not conducting its oversight role according to the law.