- Swiss arbitration tribunal unanimously found Croatia failed to prove bribery charges against MOL's Chairman‑CEO and implicitly questioned Croatian court verdicts tied to the case.
- The tribunal concluded Croatia's key witness, Robert Jezic, was unreliable and his testimony lacked credibility.
- The tribunal denied MOL's compensation claim over the First Amendment to the Gas Master Agreement, ruling the FAGMA royalty provision violated mandatory Croatian law and signaling a cautionary precedent for foreign investors.
Arbitration finding
An international arbitration tribunal seated in Switzerland unanimously determined Croatia failed to prove that MOL Plc.'s Chairman‑CEO engaged in bribery, marking the third international forum to reject Croatia's allegations; the claims had earlier been dismissed by the Swiss Supreme Court (twice) and by INTERPOL.
Witness credibility and domestic verdicts
The tribunal expressed deep skepticism about the truthfulness and reliability of Croatia’s key witness, Robert Jezic, and implicitly questioned the Croatian court convictions of Zsolt Hernádi and former prime minister Ivo Sanader that had relied largely on his testimony.
Compensation claim and investor implications
The tribunal dismissed MOL’s compensation claim arising from Croatia’s breach of the First Amendment to the Gas Master Agreement (FAGMA), finding the FAGMA royalty provision contrary to mandatory Croatian law despite prior state vetting and approval, a ruling that creates a precedent with potential consequences for future foreign investors.
