Agrokor (Croatian pronunciation: [âɡrokoːr]) was a conglomerate, largely centered in agribusiness, with headquarters in Zagreb, Croatia.
Founded in 1976 as a flower grower, it became a joint stock company in 1989, with 100 percent ownership held by founder Ivica Todorić.
The Agrokor group had an annual sales revenue of €6.465 billion in 2015, which made it the second-largest retail and eleventh-largest overall company in all of Southeast Europe.
When Agrokor's financial difficulties became untenable, in March 2017 the government of Croatia hastily drafted and passed the Law on Extraordinary Administration Procedure in Enterprises of Systematic Importance for the Republic of Croatia, and by Todorić's activation of the Law in early April 2017 the Government forestalled the bankruptcy procedure and effectively took control over the company.
[6] Ministry of Economy, Entrepreneurship and Crafts published on its web site the Monthly Report on Economic and Financial Situation and the Implementation of Agrokor's Extraordinary Administration Measures for the period between 10 April to 10 May 2017, written by commissioner Ramljak, in which it was revealed that Agrokor didn't have a business plan for 2017 and was in a crisis of management.
On 17 October 2017, the Croatian State Attorney Office launched a criminal prosecution against 13 members of the former governing and supervisory boards, including owner Ivica Todorić himself, on suspicions of abuse of power in economic business, forgery of official documents and breach of trade and business bookkeeping obligations.
Although the communist government of SFR Yugoslavia didn't fancy private companies, Todorić was able to hire more than 50 people in the first two fiscal years.
By 1977, business was expanded by new programs: import and export of cereals, oil crops, fruit, and vegetables, with a significant increase in turnover and profits.
[15] The acquisition of Jaska vino d.d., which produces juices as well as quality wines named Podrum Mladina, took place in 1998.
[16] Shortly afterwards, Agrokor offered its 130 million euros worth bonds on the Luxembourg Stock Exchange.
In 2003, Agrokor acquired 51% of a trading company and distribution center TPDC Sarajevo (BiH) and 55.49% of the shares of Frikom (Serbia).
In addition, Agrokor opened three new companies, Agrolaguna in Poreč, Fonyodi water filling plant and the Baldauf ice cream factory in Hungary.
In 2005, Agrokor bought Dijamant (edible oil manufacturer) from Zrenjanin and Idea (supermarket chain) from Belgrade.
In the same year, Agrokor bought 87.98% of Vupik from Vukovar, one of the largest agricultural producers in Croatia for 30 million kunas.
On 9 October 2017, Ramljak announced that he had filed criminal charges against Ivica Todorić and his associates for tampering with the company's financial statements.
[23] Later in October 2017, the State Attorney Office launched a criminal prosecution of 13 members of the governing and supervisory boards and 2 auditors on charges of abuse of power in economic business, forgery of official documents and breach of trade and business bookkeeping obligation.
[26] In a series of website publications, Ivica Todorić rejected the charges and accused the Croatian government of political persecution.
[8] On 26 September 2019 in Cleveland, Fabris Peruško was presented with the Turnaround and Transaction Award (TMA) for the financial restructuring of Agrokor, proclaimed by the industry in the US to be the most significant international procedure of its kind in the world in the 'international transaction of the year' category and one of the world's 12 most significant international restructuring procedures in 2018.
Several of Agrokor's Croatian subsidiaries are listed on the Zagreb Stock Exchange (ZSE) and Ledo is included in its official share index CROBEX as of September 2010.