Since mid-2013 Haden SA, a Luxembourg-based company, has been the largest shareholder of Bosnalijek dd, the industrial manufacturer of medicines in Bosnia and Herzegovina. As of early 2017, Haden owned a 29.95% share of Bosnalijek.
Since the end of 2016, the management of Bosnalijek has been undertaking illegal attempts to dilute the stake of Haden SA by issuing additional shares. Notwithstanding the currently litigated follow-on offering, which was undertaken in January 2017, Haden SA remains the largest shareholder of Bosnalijek.
Despite this fact, at the annual meeting of shareholders held on June 3, 2017, the Bosnalijek’s executives grossly violated the company’s articles of association and the laws of BiH by not allowing the candidates nominated by Haden to join Bosnalijek Supervisory Board.
As a result the largest shareholder of Bosnalijek was deprived of the opportunity to exercise its legal right to participate in the management of the company.
The actions of Bosnalijek’s executives also challenge the BiH government policies focused on attracting and protecting foreign investment, providing transparent and fair business terms, and creating incentives for the country’s economic development. Ultimately, the actions of Bosnalijek’s executives come into conflict with the declared strategic course on the introduction of European legal standards, without which the integration of BiH into the EU is impossible.
This site provides true and full information about mistreatment of shareholders in Bosnalijek, as well as other issues caused by improper and destructive management of this company.