February 23 2016

Proficio Wins 17 Year Legal Battle

Proficio was notified today that the County Court in Zagreb ruled in its favor as the legal successor to Privatization Investment Fund Expandia, confirming that the Republic of Croatia failed to comply with the regulations and has to pay compensation to Proficio. With this decision Proficio has won its 17 year legal battle.
The County Court upheld the Municipal Court ruling from 2013 in relation to the principal amount and the corresponding legal interest, applied from the date of the Municipal Court ruling until the payment date. The State has the right to appeal this decision to the Supreme Court, however, such an appeal will not delay its obligation to make payment to Proficio.
The County Court also ordered the Municipal Court to calculate interest owed to Proficio from March 1999 until May 2013.

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