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 Voucher Privatization Fund Expandia, confirming that the Republic of Croatia failed to comply with regulation 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 overturned the first instance ruling in the part referring to the rejection of Proficio’s request for payment of default interests on the sum awarded. Based on the County Court’s ruling, the part of the case concerning default interest from March 1999 until May 2013 was returned to the Municipal Court for retrial.