Croatia, The damage caused to INA is believed to be around 106 million euros

, SEE Energy News

Croatian anti-corruption office (USKOK) has arrested five persons, including Damir Skugor, an executive in Croatian oil company INA, under suspicion of illegal natural gas trading and money laundering. The damage caused to INA is believed to be around 106 million euros.

According to unofficial reports, the suspects siphoned money from INA through OMS Ulaganja, which was established in 2019 and is owned by one of the arrestees. Already in the first year of operation, the company reportedly earned revenues in the amount of more than 30 million euros.

The suspects allegedly took advantage of the constant rise in natural gas prices on the global market, with OMS Ulaganja buying gas below market prices from Plinara Istocna Slavonija, which had a gas purchase agreement with INA at favorable prices, and selling it on the international market at market prices. They allegedly spent the money thus obtained on the purchase of real estate.

USKOK said that criminal investigation is ongoing.