Court rejects bail for Croatian tycoon, keeps him in jail

ZAGREB, Croatia (AP) — A Croatian court has ruled that the founder of a deeply indebted food and retail company will remain in jail a day after the fugitive tycoon was extradited from Britain.

Ivica Todoric’s lawyers said after a court hearing Thursday that they asked for bail but judges ruled there was a chance the 67-year-old would flee again.

Todoric is accused in Croatia of mismanaging the Agrokor company and embezzling millions. He rejects the charges.

He was arrested in London a year ago under a European arrest warrant. A British court rejected his appeal last month and sent him back to Croatia on Wednesday.

Agrokor accounts for 15 percent of Croatia’s GDP. The company collapsed under the weight of 6 billion euros in debt ($7 billion) and was put into state administration over a year ago.

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