London court agrees to extradite tycoon to Croatia

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A London court has agreed to extradite the founder of an indebted Croatia-based food and retail company who is the country’s most-wanted fugitive.

Ivica Todoric was arrested in London in November under a European arrest warrant posted by Croatia, which accuses him of mismanaging the Agrokor company and embezzling millions.

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Todoric has claimed he is innocent and has sought to appeal the extradition. The High Court in London rejected the motion on Thursday, paving the way for his handover to Croatia.

Agrokor employs 60,000 people throughout the Balkans and accounts for 15 percent of Croatia’s GDP. It has collapsed under the weight of 6 billion euros in debt ($7 billion) and was put into state administration over a year ago.