Orco responds to Ott’s detainment

Orco has issued a statement in which it expresses “deep concern” over the detainment of its CEO JF Ott following a press conference in Zagreb. Ott was asked to accompany two policemen from Split for questioning, or face arrest. Some reports say he had already been approached by police on Monday following a meeting with government officials to agree how to proceed with the troubled Suncani Hvar resort. Orco and the Croatian Privatization Fund are partners in the project.
According to Bloomberg, Croatian state television has reported that police are investigating six people at the resort for fraud and embezzlement, and that they detained Ott as a witness. He was released later the same day and left the country in the evening.
The company, needless to say, is not impressed, as it makes clear in its statement:

The ORCO Board considers as unacceptable that Mr. Ott has been retained in Croatia without any motive justifying such behaviour. Mr Ott acted in Croatia in quality of representative of the majority shareholder and never acted in any executive capacity of any Croatian company…
The ORCO Board is concerned that such behaviour towards the CEO of ORCO is a direct consequence of the ongoing business dispute and wishes to question the signal it sends to the international investment community in light of Croatia’s EU accession talks.


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