A businessman described as one of Europe’s ‘most wanted fugitives’ has been given bail as he fights extradition to Croatia where he faces fraud charges relating to around €110 million.
Ivica Todoric, 66, who is wanted in Croatia for fraud and corruption offences was arrested on Tuesday after he handed himself in to officers from the Metropolitan Police Extradition Unit, the force said.
He appeared in custody at Westminster Magistrates’ Court later the same day in relation to three offences.
Todoric is the founder of Croatia’s biggest private company, Agrokor, which has racked up billions in debt. Croatian police raided his home in Zagreb last month.
Ivica Todoric, leaves Westminster Magistrates Court in London, after being given bail to fight his extradition to Croatia
The businessman is the founder of Croatia’s largest private company, Agrokor, and is facing fraud charges relating to around €110 million.
It is alleged that Todoric and other individuals ‘misrepresented the business and financial reports of Agrokor’ between 2006 and April this year by ‘concealing expenses, debts and financial claims’.
The Croatian authorities also allege that he ‘abused his authority’ as president of the management board to make a gain of €8,603,599 (£7,574,737).
He is also accused of violating the ‘requirement to protect other people’s property interests and income operations’ – entering false information in business documents – making a gain of more than €101 million (£88.9m).
Timothy Otty QC, representing Todoric, said: ‘Mr Todoric intends to contest this extradition. His case is, I think it can be said, far from being run of the mill.’
He added the case had many unusual aspects including that the domestic legislation appeared to be tailored specifically to Todoric’s group.
Mr Otty said there were also geo-political considerations relating to ‘perceived Russian influence’.
The Croatian authorities allege Todoric ‘abused his authority’ as president of the management board to make a gain of €8,603,599
The fugitive businessman is also facing charges of entering false information in business documents. He was granted bail of £100,000
He submitted that his client should be granted bail as he had surrendered voluntarily despite knowing the allegations he faces.
Todoric has no access to funds as his accounts have been frozen, and that over the six months that rumours of the investigation against him have circulated, he has not sought to interfere with witnesses, the barrister said.
Granting him bail District Judge Richard Blake ordered him to pay a £100,000 security.
He said: ‘The context in which I grant you bail is the knowledge that both within this country and throughout the world, your assets are frozen and your ability to obtain money is limited.
‘The security is a very small sum in the context of what sums I have heard being spoken of.’
The bail conditions also state that Todoric must wear an electronic tag between midnight and 3am, sign in at Kensington police station three times a week and surrender his travel documents.
Todoric previously said the accusations against him and his associates were unfounded and part of a ‘political process’.
A three-day extradition hearing will be heard on April 10 next year.
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