The process of reaching a settlement under the extraordinary administration procedure of Agrokor is one of the most complex in Croatia and in Europe due to the complexities of Agrokor as a business and the total amount of the debt as well as the large number of creditors, 5.700 of them. This section contains all the news on the process of reaching of a settlement for all the key stakeholders, as well as the latest details and developments.
NOTICE TO AGROKOR’S IMPAIRED CREDITORS WHO FAILED TO SUBMIT KYC FORM: The cancellation of Strips of New Instruments
07. Apr 2020.
We make reference to the Settlement Plan of Agrokor d.d. et al as confirmed by the Commercial Court of Zagreb on July 6th 2018.
Impaired Creditors who were entitled to receive the New Instruments under the Settlement Plan, i.e. New Instruments Beneficiaries, were according to the Article 19.2.3 of the Settlement Plan obliged to submit a properly completed KYC Form up to the date falling one year from the Implementation Commencement Date, i.e. up to April 1st 2020, in order to receive New Instruments according to the Settlement Plan.
Stated obligation is based on international Anti-Money Laundering legislative as well as the Settlement Plan and the company Agrokor d.d. has reminded New Instruments Beneficiaries in due time regarding the stated obligation by notices published on the web site of Agrokor d.d., starting with the notice published on September 28th 2018.
We hereby inform New Instruments Beneficiaries who were entitled to receive the New Instruments under the Settlement Plan, and have not submitted a properly completed KYC Form up to April 1st 2020 that the New Instruments attributable to the relevant New Instruments Beneficiary are to be fully cancelled as described under Article 19.9.1 of the Settlement Plan.
According to the stated, New Instruments Beneficiaries who have not submitted a properly completed KYC Form up to April 1st 2020 do not have any claim for or entitlement to the cancellation proceeds of the cancelled Strips of New Instruments, nor do they have any entitlement to a reallocation of any Strips of New Instruments or any different method of recovery.