May the 9th, 2023 - The large Croatian company Podravka, based in Koprivnica, is set to invest a massive 100 million euros into doing greener business and focusing on sustainability.

As Poslovni Dnevnik/Darko Bicak writes, Podravka will pour as much as 100 million euros into development based on sustainability by 2030, according to an announcement from Martina Dalic at a recently held presentation of the Sustainability Strategy of this corporation.

"As one of the leading food companies in Central and Southeastern Europe, Podravka is aware of its economic importance and responsibility for the environment and the community. Just as we constantly strive for excellence in terms of our basic business, we also want to follow the highest standards in the implementation of the principles of engaging in sustainable and responsible business," said Dalic.

She added that the Koprivnica-based company celebrated 75 years of doing business last year. "In order to be just as successful or even more successful in the coming decades, we must treat the environment, resources, all our stakeholders and the community in which we operate responsibly. The numerous challenges we've been facing in the last few years further indicate that there's absolutely no alternative to doing sustainable and responsible business. This isn't merely an option, but the only way any company can survive and remain successful in the long term. By adopting the Sustainability Strategy of the Podravka Group, we're publicly committing ourselves to the fulfillment of specific goals, which is an additional incentive to successfully and completely realise all our plans. We are investing 100 million euros into the fulfillment of these goals, which are significant financial resources, but we're convinced that in this way we will further improve our competitiveness and strengthen our market position,'' said Dalic.

As explained by Ines Ignjatovic, Director of Strategic Business Development of Podravka, the key investments that support and enable the fulfillment of the wider Podravka Group's sustainability goals include, among other things, the expansion of their solar power plant, the construction of a cogeneration plant, the concentration of bakery production in neighbouring Slovenia at one location, the modernisation of their fleet and the construction of a new logistics and distribution centre at home in Koprivnica.

In the area of healthy eating, Podravka will increase the number of products it sells with a lower content of salt, added sugar and saturated fat per serving, as well as products that contain positive ingredients and/or promote a healthy, balanced and sustainable diet. In the area of a clean environment, Podravka will focus on goals such as reducing its own carbon dioxide emissions, increasing the share of renewable energy sources (OIE) it uses in its total energy consumption, using recyclable packaging, reducing mineral fertilizers and pesticides in agricultural production, and many other things.

When it comes to caring for employees and the wider community, Podravka will continue to work actively on equal gender representation and reducing the difference in wages between men and women, improving the general material rights of employees and their working conditions, as well as developing new skills, gaining new knowledge and furthering the competences of their employees. Looking at more concrete figures, by the year 2030, Podravka plans to have 100% of its electricity come from renewable sources in production in the European Union (EU) and 50% of its heat energy from renewable sources in production.

Sasja Beslik, an international financial expert and advocate of sustainable business and the author of the global bestseller "Where the money tree grows", also gave an interesting lecture at the presentation of Podravka's sustainable business strategy. Beslik spoke about the importance of integrating a more sustainability strategy into the company's business strategy, stressing that it is the only path to profitable growth with a positive impact on society and the environment.

At the very end of the event, one of the leading Croatian experts on sustainability topics, Dunja Mazzocco Drvar, Director of the Directorate for Climate Activities of the Ministry of Economy and Sustainable Development, spoke about climate change and the need for urgent action from us all.

For more, make sure to check out our dedicated business section.

March the 30th, 2023 - The construction of a brand new Podravka logistics and distribution centre has begun as part of an enormous 48 million euro investment from this well known company.

As Poslovni Dnevnik writes, works have now officially begun on the construction of the brand new Podravka logistics and distribution centre (LDC) located in the Danica business zone in Koprivnica. This is the largest investment as part of the Podravka Group's overall business strategy until the year 2025, and the total value of the project stands at 48 million euros. The planned works will cover 26,000 m2 of gross floor plan area.

"The new Podravka logistics and distribution centre is being built on an area the size of three football fields. This is the largest planned investment within the investment cycle of the Podravka Group, which began back in mid-2021. By realising this investment, we'll raise the level of customer service we can offer to an even higher level, and make the work of workers working in logistics and in the warehouse significantly easier. It's extremely important because we'll be able to significantly reduce the need for internal transport and thus contribute to the reduction of CO2 emissions. The storage locations in Koprivnica and the surrounding area will now be consolidated into one," said Martina Dalic, President of the Podravka Management Board.

At the beginning of the works on the construction of the new LDC, the implementation of the logistics process optimisation project, which was launched in the middle of 2021, after detailed analyses of the supply chain and established measures to improve the aforementioned processes, is continuing. The completion of the works is expected at the end of 2024.

"The construction project will include a fully automated high-bay warehouse, another warehouse, an administrative building and accompanying roads with all the necessary infrastructure. The total capacity of the new Podravka logistics and distribution centre will be almost 62 thousand pallet places in different temperature regimes, and in the near future, the plan is to connect that with the main export warehouse, which is only a few metres away,'' said Tomislav Djuranek, Podravka's project manager.

The chosen location of the Podravka logistics and distribution centre is located in the immediate vicinity of the company's factories and enables connection with the existing export warehouse. The realisation of this project will consolidate a large number of current warehouse spaces used for the storage of finished products, raw materials and packaging, which are located in eight different locations.

The up and coming Podravka logistics and distribution centre will meet the expected needs for storage space on the Croatian market in the next decade, and if there is a need, it can be expanded even more in the future. It's also worth noting that the installation of solar panels on the roofs is planned.

Despite the pressure placed on operating costs due to the exceptional rise in raw material prices and spiralling inflation, the Podravka Group's investment cycle is progressing according to plan. After the IT and energy reconstruction and the modernisation of Podravka's business headquarters come investments in improving working conditions in their factories and the implementation of new production lines in the Kalnik and Kokteli pastry factories, the commissioning of a power plant, and the start of the works on the expansion of the soup and Vegeta factories.

For more, make sure to check out our dedicated business section.

October the 29th, 2022 - The Podravka Group has managed to hold onto its growth despite the negative economic circumstances and inflationary pressures we're currently experiencing. It even secured sales growth of 10 percent.

As Poslovni Dnevnik writes, during the first nine months of 2022, Croatia's well known Podravka Group successfully coped with the various market challenges generated by the coronavirus pandemic and the Russian aggression against Ukraine, the consequences of which are reflected in the strong and continuous increase in the prices of all raw materials, packaging and energy.

Over the first nine months of this year, the Podravka Group achieved impressive revenue growth of 329.1 million kuna, which is equal to a 9.7 percent increase when compared to the same period last year. The Nutrition segment grew by 11.1 percent, or 292 million kuna, while the Pharmaceuticals segment recorded an increase in revenue of five percent, or 37.1 million kuna. The investment cycle is in full swing, so capital investments at the Podravka Group level in the first nine months of this year amounted to 294.5 million kuna, which is almost three times more than in the same period last year when that figure amounted to 103.7 million kuna.

Operating profit before depreciation (EBITDA) during this same period was 5.7 percent higher, and net profit was 3.8 percent higher when compared to the first three quarters of 2021. However, comparing the third quarter of 2022 with the same period in 2021, a visible a drop in net profit in the Food segment can be seen, which is a direct consequence of business conditions that have further worsened due to rising prices of raw materials, packaging and energy. The current high costs of raw materials, packaging and energy in the Food segment amounted to 269 million kuna, meaning that they were 25.3 percent higher than they were during the same nine months of last year.

"The business conditions over the first nine months of 2022 have been far more challenging than we expected them to be back at the beginning of the year, which is why we're strongly focused on optimising all types of costs and maintaining our sales volume. In this period we've just come through, through the active management of stocks, sales prices and increasing production efficiency, we partially amortised the rise in the prices of raw materials, packaging and energy, and thus managed to maintain growth.

I'm particularly pleased that, even in such challenging circumstances, we increased the salaries of our employees back at the end of March. However, it's important to emphasise the fact that the results the Podravka Group achieved in the first nine months of 2022 don't reflect what awaits us at the annual level. The most severe impact of cost growth awaits us in the fourth quarter, which will certainly affect the overall result for this year,'' commented the President of the Management Board of Podravka, Martina Dalic, adding that despite this, the company is continuing to implement all its strategic plans, which include significant investments and improvement of conditions of work.

In accordance with the company's development strategy, the implementation of the Podravka Group's investment cycle is in full swing, as evidenced by the investments completed over the last three months. A new line at the Koktel Pastry Factory, worth 30 million kuna, was put into operation, and work was completed on the company's solar power plant, which is currently the largest integrated (on the roofs of existing facilities/buildings) solar power plant in all of the Republic of Croatia.

In addition to all of the above, the Podravka Group's production facilities were all fitted with air conditioning units and a complete energy and IT renovation of the business headquarters worth 104.5 million kuna was completed, which significantly improved the working conditions of a large number of employees. The digitisation of production processes at Tvornica Juha i Vegeta was also completed, the installation of a new line in Varazdin, worth 40 million kuna, is now in its final phase, and construction work on the expansion of Tvornica Juha i Vegeta began at the beginning of October. This investment, worth a massive 104.8 million kuna in total, is the first investment in the construction of new Prehrana production facilities in Koprivnica after fifteen years, which will also create new jobs.

During the month of September, the commemoration of the 75th anniversary of the Podravka Group began, and the management of the company made a decision to pay the employees a special award in the amount of 750 kuna to mark the occasion, instead of being boastful with large ceremonies.

For more, make sure to keep on top of our dedicated business section.

February the 7th, 2022 - Former Deputy Prime Minister Martina Dalic, also a Croatian economist, is set to remain at Podravka's helm.

As Jutarnji list/Novac writes, on Friday last week, Podravka's Supervisory Board appointed a new Management Board, which will continue to be headed by Martina Dalic for the next five-year term. Davor Doko and Ljiljana Sapina will also remain on the Management Board, while new members are Milan Tadic and Ivan Ostojic.

According to the announcement, the five-year term of the new Management Board of Podravka begins on February the 24th, 2022.

Martina Dalic, who was appointed to this position on February the 4th, 2021, will therefore remain in the position of President of the Management Board. With this recent decision, the Supervisory Board confirmed its satisfaction with the work and the results achieved under Dalic, entrusting her with running the company throughout the next, full term.

Along with Martina Dalic, members of the Management Board who are set to remain are Davor Doko and Ljiljana Sapina, who were first appointed back in February 2017, and as new members it includes Milan Tadic, Podravka's General Manager for the Adria Region, and Ivan Ostojic, who comes from Wustenrot. Ostojic is also a member of Podravka's Supervisory Board and his term in the Management Board will begin on July the 1st, 2022, Podravka's statement said.

Podravka also pointed out that the Supervisory Board thanked the current members - Marko Djerek and Hrvoje Kolaric for their contribution to Podravka through their membership in the Management Board of the company.

Marko Djerek is now a member of the Belupo Management Board, which continues to be led by Hrvoje Kolaric, according to Podravka's statement.

As the President of the Supervisory Board, Zelimir Vukina stated: "The fact that we've completed the election process and decided on the composition of the new Management Board almost a month before the current Management Board's term is set to begin is the result of the Supervisory Board's focus on continuously improving the quality of corporate governance and approaching global standards for Podravka's size and complexity.''

Congratulating the President and the appointed members of the Management Board, he said that they expect the new Management Board to achieve the goals of the strategic plan for the next five years and especially the further growth of the company, both organically and through acquisitions.

''We expect the intensification of investments in raising the overall technological level of production processes as a prerequisite for greater innovation and maintaining high product quality, the motivation and loyalty of our employees and a contribution to increasing the quality of life in the local community, all of which will be the best indicators of the success of the new Management Board,'' said Vukina.

Martina Dalic stated that the opportunity to lead Podravka together with her colleagues from the new Management Board is understood as an expression of trust placed in her over the next five years, but in the same way as it did a year ago, for her, it represents an "extremely great responsibility".

"It's my responsibility to achieve Podravka's success on the global market and increase value for shareholders, and it's also to improve things for the local community through the continuous improvement of the position and satisfaction of all our employees. Podravka is a Croatian multinational company whose heart is and will always be in Koprivnica. I expect the Management Board to function as a team, focused solely on the growth and development of Podravka through dedicated and determined implementation of the development and investment cycle that we started in recent months,'' said Martina Dalic, who then thanked the members of the Supervisory Board and all shareholders for their trust in her.

It's worth noting that the largest shareholders of Podravka are Croatian pension funds (mandatory and voluntary) which together hold 51.1 percent of Podravka's shares, while the state has 25.5 percent of Podravka's shares.

For more, check out our business section.

December the 7th, 2021 - The Croatian Podravka brand is aiming to strengthen its position on the more wealthy European markets, and Martina Dalic says this is an ambitious goal of hers.

As Poslovni Dnevnik/Jolanda Rak Sajn writes, an even bigger and stronger Croatian Podravka brand is an ambitious goal that has been entrusted to the new President of Podravka, Martina Dalic, since the beginning of this year. This aim has the strong support of Prime Minister Andrej Plenkovic and the pension funds, which are the main shareholders of the Koprivnica food giant.

Behind the prematurely deceased Marin Pucar, one of the most important regional companies, which is the holder of most of the development of a good part of the Croatian food and retail industry, remained on good foundations, with excellent results and a stable position across many markets.

However, even in this difficult and uncertain year affected by the coronavirus pandemic, the Croatian Podravka brand has maintained high growth rates with even greater focus on consumer preferences and conquering potential markets in Western and Central Europe while maintaining a dominant position and strengthening competitiveness in the Adria region where Podravka has been in business for more than 70 years,

In the first nine months of this year, the Podravka Group generated a net profit of 259.3 million kuna, 23.4 percent more than in the same period last year. Sales revenues amounted to 3.38 billion kuna, as well.

The Nutrition segment generated 2.6 billion kuna in revenue and Pharmaceuticals generated 749.5 million kuna, with the largest contribution from the Prescription Medicines category, which increased by 5.4 percent in total. Revenues from the sales made by Podravka d.d. in the first nine months of 2021 amounted to 1.65 billion kuna, which is 3.9 percent more than in the same period last year.

Just like last year, due to the epidemiological situation, there was an increase in demand for Podravka's products and the creation of large stocks of customers in almost all markets, and this year's growth has been even more significant.

Compared to pre-pandemic 2019, revenues grew even more, by 5.4 percent, and sales revenue growth was achieved in almost all business programmes. In the Western Europe region, it amounted to 9.5 percent, and the highest growth was generated by the Culinary, Podravka food and Baby food, sweets and snacks segments.

In Central Europe, growth stood at 4.4 percent, and in the Adria region 2.9 percent. The price of a Podravka share on September the 30th this year amounted to 664 kuna, and on the last day of 2020, it was 485 kuna, which is an increase of 36.9 percent.

In accordance with the Strategic Plan of the Podravka Group for the period 2021-2025, adopted after the arrival of Dalic, the company began investments worth 5 billion kuna in production and logistics modernisation and digitalisation, marketing and acquisitions.

The five-year plan includes both divisions of the group, Nutrition and Pharmaceuticals (Belupo), through three development pillars - about 1.7 billion kuna of investment in the modernisation and digitalisation of production and logistics processes, about 1.4 billion kuna in marketing for organic growth and around 2 billion kuna for acquisitions.

The future rapid growth and development of the Podravka Food Division will be based on product categories with greater export potential such as food additives, soups and bakeries, and a focus will be placed on Europe's richer markets. Self-sufficiency will be increased through agricultural production and cooperation will be strengthened in order to reduce import dependence and stably manage risks in the primary part of the supply chain, including through the use of EU funds.

The Croatian Podravka brand recently received 19.4 million kuna in grants from the Rural Development Programme for the modernisation of fruit and vegetable processing plants, the development of new technologies and new products of Kalnik with a total value of more than 38 million kuna, and 5.2 million kuna for the construction project involving solar power plants, worth a total of 10.33 million kuna.

Belupo, on the other hand, is preparing for stronger growth across Central and Western Europe.

For more, check out our business section.

June the 9th, 2021 - The Podravka factory (Kalnik) in continental Croatia is set to get an enormous cash injection to modernise its facilities and equipment to make way for the production of yet more products from this much loved Croatian company.

As Poslovni Dnevnik/Sergej Novosel Vuckovic writes, the Kalnik Podravka factory located in the continental city of Varazdin is being modernised, after which new food products from this globally recognised company will be created.

The company received a huge 19.37 million euro grant from European Union (EU) funds from the Ministry of Agriculture, because the "Investment in the modernisation of fruit and vegetable processing plants, new technologies and new products from the Kalnik factory" project owned by Podravka passed the tender of the rural development programme for the implementation of measure 4.2. 1.

The works, which come with a hefty price tag of 40.6 million kuna include the purchase of new equipment and the reconstruction of the Podravka warehouse, as well as its subsequent conversion into a fully equipped, modern production space.

The new equipment on the cards are a line for the receiving, processing and aseptic filling of fruit, the purchase of additional vacuum boilers, all to increase production capacity, and the packaging equipment this Podravka factory uses will be changed and modernised.

This investment will also introduce a set of brand new products: jams, marmalades, new types of ajvar, vegetable and fruit spreads, fruit fillings and more. This particular Podravka factory in Kalnik is the location in which sterilised and pasteurised vegetables, mustard, horseradish and marinades are otherwise produced.

These investments in the company's Varazdin factory aim, among other things, to achieve a wider and more diverse range of products, which will increase the price competitiveness of Podravka's much loved items on both the Croatian market and indeed on foreign markets.

For more, make sure to follow our dedicated business section.

February the 6th, 2021 - Martina Dalic, perhaps best known for her role in the weird and rarely wonderful Agrokor saga which dominated the Croatian public and nearly sent the economy down the drain just a few years ago, has come to the helm of the Croatian company Podravka following Marin Pucar's premature death.

As Poslovni Dnevnik writes, the corporate, but also very much political news of the week is certainly what many as referring to as the "rehabilitation" of former government minister Martina Dalic by appointing her to the position of President of the Management Board of Podravka.

Martina Dalic was the personal choice of Prime Minister Andrej Plenkovic, and although the media speculated that some members of the Supervisory Board would oppose it, her appointment was unanimously confirmed by the Supervisory Board on Wednesday. Her term will last until February 2022, because until then the company should have been run by the recently deceased Marin Pucar, who passed away after a battle with an illness.

Although Podravka is two-thirds owned by private capital, pension funds hold almost 49 percent of the shares, and the state has only 24 percent, the company is under "strong pressure" from politics. This, without exception, applies to all policy options, and the “right” to management and staffing is laid from the local to the highest national level. After Pucar's death at the beginning of January, the head of the Croatian Chamber of Commerce, Luka Burilovic, the director of Adris Cromaris, Goran Markulin, and a member of the Management Board of Podravka for Finance, Davor Doko, were all in the race for Podravka's proverbial ''throne''.

"Personally, I'm glad that the proposal for my appointment was made by the largest individual shareholder of the Croatian Government, it means a lot to me," said Martina Dalic after the Supervisory Board session. She added that one of the first steps she intends to take will be to get to know the associates and representatives of the workers, but that she is not yet thinking about the reconstruction of the company's management.

Despite the ongoing coronavirus pandemic and the record decline experienced by the entire domestic economy, by the end of September, Podravka had achieved revenue growth of 3.3 billion kuna (+ 2.8 percen), while sales revenues in the food and pharmaceutical segment also grew. The annual results for 2020 will be announced on February the 26th.

To briefly recall, former Deputy Prime Minister Martina Dalic resigned back in May 2018 after the Borg affair revealed that she coordinated a group of individuals who wrote Lex Agrokor for the Croatian Government without contracts and official decisions, who were then charged for their consulting services to the now disgraced concern.

Martina Dalic still claims that she did nothing wrong in the Agrokor affair - and she even referred to the work she did regarding Agrokor as a ''great experience and reference''.

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February the 3rd, 2021 - Is former government minister Martina Dalic set to take the late Marin Pucar's place at the head of the much loved Croatian brand Podravka? It might well happen, as has been alleged from several well informed sources.

As Poslovni Dnevnik writes, the pension funds and the Croatian Government have reached an alleged agreement that former Deputy Prime Minister Martina Dalic, who was previously deeply embroiled in the bizarre and seemingly endless Agrokor saga, will take over the management of the Croatian company Podravka.

Vecernji list was the publication to initially find out this information from informed sources.

The decision should be made at the meeting of Podravka's Supervisory Board which is currently scheduled for Wednesday. Should it be true, former minister Martina Dalic will come to the post at Podravka with the strong support of Prime Minister Andrej Plenkovic, who apparently didn't remain indebted to her in any sense at all after Martina Dalic resigned due to criticism of the non-transparency of the decisions surrounding the often murky restructuring of the former Agrokor.

The race for the new head of Podravka is starting, here are the main candidates

The appointment will last for one year, for the duration of the term of office of the existing members of Podravka's Management Board, and a confirmation of the full five-year term should follow in February 2022. After the tragic and premature death of Marin Pucar following a battle with an illness, the fund industry proposed their financier Davor Dok as a ''natural'' successor, the local authorities had their favourites, but according to sources, it seems Martina Dalic is set to take Podravka's proverbial throne.

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As tportal writes on the 24th of March, 2019, in just a few day's time, it will have been a full two years since the adoption of Lex Agrokor. Four and a half months since his extradition to Croatia after a year of fighting his corner in London, there are still no actual indictments against Ivica Todorić and his managers in the former Agrokor system. After having announced his desire to enter into politics, followed by a brief yet rather deafening silence, N1's guest was no less than the former owner of Agrokor, Ivica Todorić himself.

Asked to comment on the notion that he symbolised absolute power two years ago, built and owned the most successful company in the Balkans, and today he's a destroyed businessman awaiting his indictment, the ever smiling Ivica Todorić said he was in exactly the same form and acts very much in the same way as he did two, three, or four years ago.

''I'm doing more than I've been doing for the past forty years and I'm going to be honest, maybe I'm even happier today, a happier man than I used to be,'' a grinning Ivica Todorić told N1, saying that he was fighting for another thing now, and that is a fight against Croatia's corrupt system. He said that he was far from destroyed, quite the contrary.

For the last two years, the state has been preparing a trial against you, claiming that you committed crimes within Agrokor...

''I don't bother having anything to do with that, some accusations against me, what they're saying, and what they've tried to imply, it will be one serious legal document of this shameful Croatian state ... After thirty years, I left my company. In the last thirty years, everything remained within the company, all my mails, SMS's, accounts, all my transactions, all my contracts, everything remained within the company! Why not show us just one receipt?! What they did in Agrokor in a year, what crimes they were committing...'' questions Agrokor's former top dog.

Although DORH argues that the value of the company fell due to debts, Ivica Todorić claims that he has full evidence of the value of the company.

''What they made out of Agrokor today, I can't get 2.5 billion for the whole group. What destruction they've caused. When you talk about DORH and the process against me... Unbelievable. They claim I took some money. They know where the money went, where the accounts are. I took about 470 million euros in personal debt and gave it all to Agrokor. Agrokor was indebted to me, not me to Agrokor! And sure, it's like I've taken something...'' said Agrokor's ex boss.

He also said that Božo Petrov lured him to a meeting and he arrived like something out of the mafia in the night. "That was a weird meeting, I did't understand anything," Ivica Todorić said.

When asked if he was looking for money from the Croatian Government for Agrokor, he said: ''What do you mean? What money? Agrokor wasn't in trouble. It was only important for them that I came to be able to say that I came, so they could say that I was looking for something,''

He also said that none of the suppliers who worked with Agrokor had suffered any damage, but that was why he acted in the manner he did towards CNB/HNB's governer Boris Vujčić, about whom he had few nice words to say.

"He absolutely ruined me, he'd talked to some vulturous funds, gave them preferential information. You'll see what will still be done, what will be found out. That Vujčić has dragged Croatia to the bottom of the bottom. He put me, Agrokor, a thousand of our suppliers in position in which we had to pay more interest,'' said Ivica Todorić.

He also commented on the possible return of Antonio Alvarez III (Yes, that's really his name), who was among the very first to appear on Agrokor's then crumbling stage just after the passing of Lex Agrokor, allowing the government to intervene in the enfeebled company's affairs.

"This about them calling Mr. Alvarez and what they're doing, you can see that they're just lost, they don't know what they're doing, they don't know where they're going," he remarked.

Ivica Todorić believes that the Fortenova Group, which will soon be the ''new'' Agrokor, won't actually exist for years, nor will it be anything compared with Agrokor's entire business. He also believes that DORH is working to protect Andrej Plenković.

Make sure to follow our dedicated lifestyle, business and politics pages for more info on Ivica Todorić's entry onto the Croatian political scene and much more.

Neither Prime Minister Plenković nor Zdravko Marić himself have come out and actually denied the rumours about the Croatian finance minister's potential departure from the government.

As Poslovni Dnevnik writes on the 8th of December, 2018, although no one has officially confirmed this, some claim that a quick analysis of the statements made by both Prime Minister Plenković and Zdravko Marić himself suggest that it is apparently ''almost certain'' that the longtime Croatian finance minister is set to leave his government position.

This information has begun circulating at a very inconvenient time and amid quite a bit of controversy, given the fact that Zdravko Marić's older sister has been promoted in HANFA, which is ironically the organisation investigating the finance minister for his activities during the height of Agrokor saga, which still isn't over. Good timing you say? You're right.

To quickly recall, this isn't the first time the Croatian finance minister has fallen out of favour in such a public manner. Marić used to work at Agrokor before taking on his government position, and as more and more came to light in regard to Agrokor's messy story, many began to suspect that he knew much more than he was letting on about the crimes which allegedly took place under the gigantic company's former owner, Ivica Todorić.

Despite having held strong to his statement of innocence and managing to survive this political test, ultimately retaining his position, the cloud of suspicion surrounding him never truly went away, it only engulfed Martina Dalić instead, the fomer deputy PM, who became a welcome distraction for the minister tormented by his past.

Regardless of the passage of time and the stepping down of Martina Dalić, the curse of the former Agrokor crisis has come knocking at Croatian finance minister's door once again, and this time it looks like he won't be getting off quite as lightly.

Upon being asked, Prime Minister Plenković's response has been scrutinised deeply, and for some it could be concluded that the Croatian finance minister's time is up, purely and simply because the he did not deny it when asked, writes Večernji list.

Similarly, Marić didn't deny it himself, either. The question now is not only who would potentially replace Marić in the government, but whether or not this could potentially be a chance for the reconstruction of the current government.

While unconfirmed, speculation suggests that Marić's departure from the government will take place next month, which would in itself be logical because he has already compiled a budget for next year.

The exact name of the person who either may or definitely replace Marić is still unknown, primarily because this information remains officially unconfirmed. But those speculating have suggested that it could be Tomislav Ćorić, the curent minister of energy and environmental protection, but sources close to the government claim that if he is doing his job well and that such a move would make no real sense. It would also be his third new ministry if it were to occur. So, it seems difficult to imagine Corić taking over Marić's job.

The speculation of potential names continues, despite the fact that the rumours of the current Croatian finance minister leaving his position early next year remain unconfirmed. 

Make sure to stay up to date on this situation and much more on the domestic and European political stage by following our dedicated politics page.