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Croatia’s indebted tycoon released after paying bail

ZAGREB, Croatia (AP) — A Croatian court says a tycoon who founded a deeply indebted food and retail company should be released from jail after he deposited a one-million-euro bail ($1.1 million.)

The County Court in Zagreb said Tuesday that Ivica Todoric must hand in his passport to authorities and won’t be allowed to leave the capital pending the end of his trial.

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

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

Agrokor accounts for 15 percent of Croatia’s GDP. The government took over the company after it collapsed under debts of 6 billion euros ($7 billion.)

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