Removal of Bosnalijek Board of Supervisors because of Arslanagic
Since the Board of Supervisors of Bosnalijek d.d. did not comply with the FBiH government's conclusion that sought the dismissal of the company's director Edin Arslanagic and the Bylaws of the group, Minister of Energy, Industry, and Mining of FBiH Erdal Trhulj convened an extraordinary assembly of shareholders for Saturday, 5 May.
Both the dismissal of the current, and appointment of a new Board of Supervisors of the company are on the agenda for that assembly.
"The Ministry, in line with the conclusions of the FBiH government, called this assembly. Specifically, the President of the Board of Supervisors ignored the request of two members of the Board who by law requested the convening of a Board session. The Ministry, in keeping with the other conclusion of the government, was tasked with convening an extraordinary assembly and to vote at it on the (dis)trust of members of the Board and on the election of new members who will protect shareholders' equity. In this case, the FBiH government is acting as a shareholder and everything we do is done in accordance with the Law on Enterprises," Minister Erdal Trhulj explained.
According to regulations, maintaining the first session of the assembly requires the presence of shareholders who hold at minimum 60 percent equity in the firm.
"The question now is whether we can at the first meeting collect 60 percent equity, for the reason that at all Bosnalijek assemblies thus far around 60 to 65 percent of shareholders have been present. However, if that first assembly is unsuccessful, in accordance with the law, after 15 days another assembly is called and that time the limit is 30 percent," Minister Trhulj said.
He reports that the assembly will be the best measure of the interests of shareholders.
"This will be the place it is seen. Shareholders may wish to have no distribution of profits whatsoever, they may wish to freeze the capital and have nothing to do with it. It will be the best place to decide on whether the profits get to go to shareholders and not to an other party if Bosnalijek has great income", Trhulj believes.
We recall that the Federation government in the meeting held on 7 March, after considering the situation in Bosnalijek in which FBiH is the greatest single shareholder with 19,7 percent of the equity, sought the dismissal of Arslanagic by the Board of Supervisors, and from the Financial Police an urgent investigation into the operation of Bosnalijek and companies with which the Sarajevo pharmaceutical producer cooperates. At the same session, the FBiH government authorized the Federal Ministry of Energy, Mining, and Industry that if the Board did not carry out the previous conclusion, it would promptly organize a shareholders' assembly that would remove Bosnalijek's board members.